After Central Statistics Office’s (CSO) estimation on GDP growth, Economic Affairs Secretary Subhash Chandra Garg has described the 7.2% GDP growth projection for 2018-19 as very healthy and noted that India remains to be the fastest growing economy in the world.
Garg highlighted that increase in gross fixed capital formation (GFCF) indicates a pickup in investment activities. He pointed towards impressive GVA growth seen in several industry segments during 2018-19 compared to 2017-18. He further listed the facts and figures about the growth seen in industry segments in FY19 as compared to FY18 such as manufacturing at 8.3% against 5.7%, Construction at 8.9% against 5.7% and Electricity, Gas, Water Supply and Utilities at 9.4% against 7.2%.
Meanwhile, CSO in its First Advance Estimates of National Income, 2018-19, reported that India’s economic growth is expected to grow at 7.2% in the current fiscal year (FY19), from 6.7% in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors.