The economic growth rate for the financial year 2018-19 stood at a five-year low of 6.8%, data released by the Central Statistics Office (CSO) showed on Friday.
Real GDP or GDP at constant (2011-12) prices is now estimated at Rs 140.78 lakh crore. The GDP growth estimate during FY 19 was revised to 7% as compared to 7.2% in 2017-18.
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During January to March quarter, the growth slipped to a low of 5.8%, mainly due to a slowdown seen in key sectors like agriculture, industry, and manufacturing in the past nine months. The number was below the forecast of 6.5% for the March quarter.
The country’s fiscal deficit in 2018-19 stood at 3.4% of GDP, roughly in line with the Interim Budget estimate. Spending during the financial year was Rs 23.1 lakh crore against the revised target of Rs 24.1 lakh crore.
Meanwhile, the rate of growth in eight core infrastructure industries during April came to 2.6 per cent against 4.9 per cent in the previous month. The combined index stood at 127.5 in April 2019 with cumulative growth during April to March 2018-19 at 4.3 %.
The slowdown reached a high point with the country’s industrial output touching a 21-month low in March. Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 5.3% in March 2018, according to the CSO data.
(With ANI inputs)