India’s GDP growth slows down to 7.1% in July-September quarter of FY19

03 Dec 2018 Evaluate

After touching over a two-year high of 8.2% in April-June quarter (Q1), India’s economic growth slowed down 7.1% in July-September quarter (Q2) of current fiscal year (FY19), as consumption demand moderated and farm sector displayed signs of weakness. The growth was lowest in three quarters, but better than 6.3% in the same period of the previous year. Even though the Gross Domestic Product (GDP) growth slows, the country still remained ahead of China to retain the tag of the world’s fastest growing major economy.

As per the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation data, GDP at Constant (2011-12) Prices in Q2 of 2018-19 was estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore in Q2 of 2017-18, showing a growth rate of 7.1%. Quarterly GVA (Basic Price) at Constant (2011-2012) prices for Q2 of 2018-19 was estimated at Rs 31.40 lakh crore, as against Rs 29.38 lakh crore in Q2 of 2017-18, showing a growth rate of 6.9% over the corresponding quarter of previous year. GDP at Basic Prices in April-September (H1) of 2018-19 was estimated at Rs 63.03 lakh crore, as against Rs 58.67 lakh crore in H1 of 2017-18, showing a growth rate of 7.4%. GVA at Basic Price in H1 of 2018-19, was estimated at Rs 82.48 lakh crore, as against Rs 73.37 lakh crore in H1 of 2017-18, showing an increase of 12.4%.

The CSO said except mining and broadcasting all other sectors have recorded improvement in their growth. Mining and quarrying output has declined by 2.4% in the quarter under review from a growth of 6.9% in year ago period. Services related to Broadcasting sector grew by 6.8% as compared to growth of 8.5% in Q2FY18. However, the manufacturing activities expanded at 7.4% in the quarter, up from 7.1% in the year ago quarter. The construction sector too showed an improvement by recording a growth of 7.8% as against 3.1% earlier. The farm sector too grew at a higher rate of 3.8% in the quarter as against 2.6% a year ago. Besides, utility services sector grew by 9.2% as compared to 7.7% in Q2 2017-18. Financial services sector grew by 6.3% as compared to 6.1% in Q2FY18. Public Administration, Defence and Other Services sector grew by 10.9% as compared to 6.1% in Q2FY18.

Besides, the government attributed the slowdown in India’s GDP growth rate during the second quarter of 2018-19 to a higher base effect, higher import bill on account of oil prices and weakening of the rupee. It said that the economy is on track to maintain a high growth rate in the current global environment. Moreover, Economic Affairs Secretary Subhash Chandra Garg said the 7.1% GDP growth for September quarter ‘seems disappointing’. He said while manufacturing and agriculture growth was steady, construction and mining reflected deceleration due to the monsoon. However, he said the half-year growth at 7.4% was ‘quite robust and healthy’.

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