By Shivam Saklani
The Central Statistics Office has recently
estimated FY 18 growth at 6.5%. The expected GVA and GDP growth will be 6.5 and
6.7 percent respectively. If this estimate comes true, this would be worst
annual growth for India in past 4 years. In FY 17, India’s GDP expanded 7.1
percent, emerging as the fastest growing economy globally. The CSO estimate
shows that agriculture, forestry, and fishing grew at 2.1 percent in FY 18 compared
to 4.9 percent expansion in FY 17. At 4.6 percent, manufacturing sector’s
growth is much lower than 7.9 percent in FY 17.
While mining and quarrying has made a
significant jump from 1.8 percent in FY 17 to 2.9 percent in FY 18. The
Construction activity is seen growing at 3.6 percent against 1.7 percent,
recorded previous fiscal. Services have also displayed a huge progress 0.6
percent i.e. from 7.7 percent in FY 17 to 8.3 in FY 18.
Given the estimated weaker growth in
agriculture sector Finance Minister Arum Jaitely is likely to focus more on
agriculture and rural economy in his last full budget this February.
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