India’s GDP growth slumps to 5% in Q1 of 2019-20
03 Sep 2019
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India’s economy grew at a slow pace of 5.0 per cent in the first quarter of the current financial year (April-June 2019-20), inviting criticism from opposition Congress party, with former prime minister and economist alleging mismanagement of the economy under the National Democratic Party government.
The country’s gross domestic product (GDP) at constant (2011-12) prices is estimated to have reached Rs35,85,00,000 crore in the first quarter of FY19-20 against Rs34,14,00,000 crore in Q1 of FY18-19, showing a growth rate of 5.0 per cent, according to figures released by the ministry of statistics and programme implementation..
Economic growth in terms of gross value addition (GVA) at basic constant (2011-12) prices for the first quarter of fiscal 2019-20 is estimated at around Rs33,48,00,000 crore, against Rs31,90,00,000 crore in Q1 of 2018-19, showing a growth rate of 4.9 per cent over the corresponding quarter of the previous year.
While economic activities such as electricity, gas, water supply, other utility services, trade, hotels, transport, communication and services related to broadcasting’, public administration, defence and other services recorded growth rates of over 7 per cent in Q1 of 2019-20 growth rate in the agriculture, forestry, fishing’, mining and quarrying, manufacturing, construction and financial, real estate and professional services is estimated to be around 2.0 per cent, 2.7 per cent, 0.6 per cent, 5.7per cent, and 5.9 per cent, respectively, during this period.
Quarterly GVA at basic prices for Q1 of 2019-20 from ‘agriculture, forestry and fishing’ sector grew 2.0 per cent compared with a growth of 5.1 per cent in Q1 of 2018-19. Crops such as fruits and vegetables account for about 53 per cent in the agriculture, forestry and fishing sector, while livestock products account for 32 per cent and forestry and fisheries share 15 per cent of GVA in the sector.
Quarterly GVA at basic prices in the mining and quarrying sector for Q1 2019-20 grew 2.7 per cent compared to a growth of 0.4 per cent in Q1 of 2018-19. Within the mining sector, production of coal, crude oil and natural gas and mining registered growth rates of 2.7 per cent, (-) 6.8 per cent, (-) 0.5 per cent and 3.0 per cent, respectively, during Q1 of 2019-20 compared to 12.9 per cent, (-) 2.4 per cent, 0.1 per cent and 5.4 per cent, respectively, during Q1 of 2018-19.
Quarterly GVA at basic prices in the ‘manufacturing’ sector for Q1 2019-20 grew 0.6 per cent compared with a growth of 12.1 per cent in Q1 of 2018-19.
Quarterly GVA at basic prices from ‘electricity, gas, water supply and other utility services’ sector for Q1 2019-20 grew 8.6 per cent compared with a growth of 6.7 per cent in Q1 2018-19.
Quarterly GVA at basic prices for Q1 of 2019-20 from ‘construction’ sector grew 5.7 per cent compared with a growth of 9.6 per cent in Q1 of 2018-19.
Quarterly GVA at basic prices from trade, hotels, transport, communication and services related to broadcasting for Q1 of 2019-20 grew 7.1 per cent compared with a growth of 7.8 per cent in Q1 of 2018-19.
Quarterly GVA at basic prices for financial, real estate and professional services sector for Q1 of 2019-20 grew 5.9 per cent compared with a growth of 6.5 per cent in Q1 of 2018-19.
Quarterly GVA at basic prices from public administration, defence and other services for Q1 of 2019-20 grew 8.5 per cent compared with a growth of 7.5 per cent in Q1 of 2018-19.
GDP at current prices in Q1 2019-20 is estimated at Rs48,93,00,000 crore, against Rs45,31,00,000 crore in Q1 of 2018-19, showing a growth rate of 8.0 per cent.
GVA at basic current prices in Q1 of 2019-20 is estimated at Rs45,14,00, 000 crore, against Rs41,82,00,000 crore in Q1 of 2018-19, showing an increase of 7.9 per cent.
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