GDP (gross domestic product) growth of the country is estimated to grow at 7.2 per cent in 2018-19 compared to 6.7 per cent attained during the previous fiscal, official data showed.
“Real GDP or GDP at Constant Prices (2011-12) in the year 2018-19 is likely to attain a level of Rs 139.52 lakh crore, as against the ‘Provisional Estimate of GDP for the year 2017-18’ of Rs 130.11 lakh crore, released on 31st May 2018,” the Ministry of Statistics and Programme Implementation said in “First Advance Estimates of National Income, 2018-19”.
“The growth in GDP during 2018-19 is estimated at 7.2 per cent as compared to the growth rate of 6.7 per cent in 2017-18,” it added.
In October, India’s economic affairs secretary Subhash Chandra Garg said that the country’s GDP for the current fiscal should exceed the 7.4% estimate projected by the Reserve Bank of India.
Fitch Ratings has slashed India’s GDP growth forecast to 7.2% for 2018-19, from 7.8% projected in September, citing higher financing cost and reduced credit availability.