Oh! GDP grew only 6.1% - not 6.8% - last fiscal, says MOSPI

GDP figures for financial year 2017-18 were also revised downwards to 7 per cent, from 7.17 per cent reported earlier

GDP numbers for the last fiscal saw sharp correction in their first revised estimates released on Friday. Data from National Statistics Office pegged GDP growth for financial year 2018-19 at 6.1 per cent, revised downwards from the earlier estimates of 6.8 per cent. GDP figures for financial year 2017-18 were also revised downwards to 7 per cent from 7.17 per cent reported in January 2019 after their first revision.

"Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the government said in a statement.

ALSO READ:Economic Survey 2020 forecasts India GDP growth at 6-6.5% for FY21

Following the revision, growth in real GVA during 2018-19 was found to be lower than that in 2017-18 mainly due to relatively lower growth in 'Agriculture, Forestry & Fishing', 'Mining and Quarrying', 'Manufacturing', 'Electricity, Gas, Water Supply & Other Utility Services', 'Financial Services', 'Public Administration and Defense' and 'Other Services', the government stated.

"During 2018-19, at constant prices, the growth rates of primary, secondary and tertiary sectors have been estimated as 1.0 per cent, 6.0 per cent and 7.7 per cent as against a growth of 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year," the government data said.

The Nominal Net National Income (NNI) at current prices for 2018-19 stood at Rs 167.89 lakh crore as against Rs 151.50 lakh crore in 2017-18, showing growth of 10.8 per cent during 2018-19 as against 11.2 per cent in the previous year. Meanhile, per capita income, that is per capita net national income at current prices, is estimated at Rs 1,15,293 and Rs 1,26,521 respectively for the years 2017-18 and 2018-19, the government data showed.

ALSO READ:India's GDP growth not overstated, says Economic Survey 2020

Gross Saving during 2018-19 is estimated at was Rs 57.13 lakh crore against Rs 55.38 lakh crore during 2017-18. Houshold sector emerged as the biggest contibutor to gross savings, with savings of Rs 34.47 lakh crore in FY19.

"GCF at current prices is estimated at Rs 61.09 lakh crore for the year 2018-19 compared to Rs 58.49 lakh crore during 2017-18," MOSPI said. "In terms of the share to the total GCF (at current prices), the highest contributor is Non Financial Corporations, and the same has increased from 47.7 per cent in 2017-18 to 49.0 per cent in 2018-19. Share of household sector in GCF has declined from 37.9 per cent in 2017-18 to 37.5 per cent in 2018-19."

ALSO READ:India must follow China's growth model to create jobs, suggests Economic Survey 2020