GDP growth rate for FY19 revised to 6.1% from 6.8%

The government revised the GDP growth estimates for 2018-19 and 2017-18 in line with the revision policy of the National Statistical Office. According to the revised estimates, GDP growth for 2018-19 has been brought down to 6.1% from 6.8%, while the data for 2017-18 was revised to 7% from 7.2%.

Nominal GDP (without stripping impact of inflation) or GDP at current prices for the year 2018-19 is estimated as Rs.189.7 lakh crore against Rs.171 lakh crore for the year 2017-18, showing a growth of 11% during 2018-19 as compared to 11% during 2017-18.

The NSO expects the economy to grow by 5% in 2019-20, its slowest pace in 11 years.

The Economic Survey for 2019-20 is optimistic about growth rebounding in 2020-21 with GDP growth forecast to grow by 6% to 6.5%.

The country’s economy is in the throes of a sharp slowdown and all eyes are on the Budget for measures to revive the growth slowdown. The government has unveiled a series of measures since last year when the slowdown became more pronounced and experts expect the impact of these steps to show results in the months ahead.

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