Revised estimates put India’s GDP growth in FY20 and FY19 at 4% and 6.5%, respectively
05 Feb 2021
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India’s real gross domestic product (GDP) or GDP at constant (2011-12) prices for the years 2019-20 and 2018-19 increased to Rs145.69 lakh crore and Rs140.03 lakh crore, respectively, showing growth of 4.0 per cent during 2019-20 and 6.5 per cent during 2018-19, as per the first revised estimate of national income.
Nominal GDP or GDP at current prices for the year 2019-20 is estimated at Rs203.51 lakh crore as against Rs188.87 lakh crore for the year 2018-19, showing a growth of 7.8 per cent during 2019-20 compared to 10.5 per cent during 2018-19.
Gross value added (GVA) at basic prices in different sectors of the economy at current and constant (2011-12) prices has been estimated at 4.1 and 4.2, respectively.
At the aggregate level, nominal GVA at basic prices has grown by 7.6 per cent during 2019-20 as against 10.7 per cent during 2018-19. In terms of real GVA, ie, GVA at constant (2011-12) basic prices, there has been a growth of 4.1 per cent in 2019-20, as against 5.9 per cent in 2018-19.
The growth in real GVA during 2019-20 has been lower than that in 2018-19, mainly due to relatively lower growth in ‘mining and quarrying’, ‘manufacturing’, ‘electricity, gas, water supply and other utility services’, ‘construction’, ‘trade, repair, hotels and restaurants’ and ‘financial services.’
The growth rates of primary sector (comprising agriculture, forestry, fishing and mining and quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary sector (services) have been estimated as 3.3 per cent,( -) 1.1 per cent and 7.2 per cent, respectively, against growth rates of 2.2 per cent, 5.8 per cent and 7.2 per cent in the previous year.
Nominal Net National Income (NNI) or NNI at current prices for the year 2019-20 stood at Rs179.94 lakh crore against Rs167.05 lakh crore in 2018-19, showing a growth of 7.7 per cent during 2019-20 against a growth of 10.3 per cent in the previous year.
Gross National Disposable Income (GNDI) at current prices is estimated at Rs206.98 lakh crore for the year 2019-20, while the estimate for the year 2018-19 stands at Rs191.78 lakh crore, showing a growth of 7.9 per cent for year 2019-20 as against growth of 10.8 per cent in the year 2018-19.
Gross saving during 2019-20 is estimated at Rs63.86 lakh crore against Rs57.77 lakh crore during 2018-19. Rate of gross saving to GNDI for 2019-20 is estimated at 30.9 per cent as against 30.1 per cent for 2018-19.
Gross saving of the household sector is estimated at Rs39.91 lakh crore in the year 2019-20. The saving of private financial corporations is estimated at Rs1.83 lakh crore in 2018-19 and Rs2.71 lakh crore in 2019-20 whereas the saving of the non-financial corporations is estimated at Rs20.53 lakh crore during 2018-19 and Rs21.86 lakh crore in 2019-20. The saving of the central government is estimated at (-) Rs2.82 lakh crore during 2018-19 and (-) Rs3.71 lakh crore in 2019-20.
Gross Capital Formation (GCF) at current prices is estimated at Rs65.51 lakh crore for the year 2019-20 as compared to Rs61.73 lakh crore during 2018-19.
The rate of GCF to GDP is 32.2 per cent during 2019-20 as against 32.7 per cent in the 2018-19. The rate of GCF (excluding valuables) to GDP stands at 31.5 per cent and 31.2 per cent for the years 2018-19 and 2019-20, respectively.
The rates of capital formation in the years 2011-12 to 2019-20 have been higher than the rate of saving because of positive net capital flow from RoW.
In terms of the share to the total GCF (at current prices), the highest contributor is non-financial corporations, share of which stood at 48.9 per cent in 2018-19 and 47.4 per cent in 2019-20. Share of household sector in GCF stands at 38.6 per cent in 2018-19 and 38.5 per cent in 2019-20 while the share of the government in GCF stands at 11.6 per cent in 2018-19 and 12.9 per cent in 2019-20.
Within the GCF at current prices, the Gross Fixed Capital Formation (GFCF) stands at Rs58.51 lakh crore in 2019-20 against Rs55.13 lakh crore in 2018-19. The rate of GFCF to GDP at current prices is estimated at 29.2 per cent in 2018-19 and 28.8 per cent in 2019-20. The change in stocks of inventories, at current prices, is estimated at Rs3.18 lakh crore in 2018-19 and Rs1.94 lakh crore in 2019-20, while estimate of valuables stands at Rs2.26 lakh crore in 2018-19 and Rs1.95 lakh crore in 2019-20.
The rate of GCF to GDP at constant (2011-12) prices was 36.0 per cent in 2018-19 and 36.4 per cent in 2019-20.
Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs123.09 lakh crore for the year 2019-20 against Rs112.22 lakh crore in 2018-19. In relation to GDP, the rates of PFCE at current prices during 2018-19 and 2019-20 are 59.4 per cent and 60.5 per cent, respectively.
At constant (2011-12) prices, the PFCE is estimated at Rs78.84 lakh crore and Rs83.22 lakh crore, respectively, for the years 2018-19 and 2019-20. The corresponding rates of PFCE to GDP for the years 2018-19 and 2019-20 are 56.3 per cent and 57.1 per cent, respectively.
Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs22.85 lakh crore for the year 2019-20 against Rs20.38 lakh crore during 2018-19. At constant (2011-12) prices the estimates of GFCE for the years 2018-19 and 2019-20 stands at Rs14.29 lakh crore and Rs15.42 lakh crore, respectively.
Per capita income, ie, per capita net national income at current prices, is estimated at Rs1,25,883 and Rs1,34,186, respectively, for the years 2018-19 and 2019-20. Per capita PFCE at current prices, for the years 2018-19 and 2019-20 is estimated at Rs84,567 and Rs91,790, respectively.
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