Govt's advance estimate pegs GDP growth at 5% for FY20
New Delhi, Jan 07: The growth in real GDP during 2019-20 is estimated at 5.0 per cent as compared to the growth rate of 6.8 per cent in 2018-19.
"Real GDP or GDP at Constant Prices (2011-12) in the year 2019-20 is likely to attain a level of Rs 147.79 lakh crore, as against the Provisional Estimate of GDP for the year 2018-19 of Rs 140.78 lakh crore, released on 31st May 2019," it said.
"The growth in real GDP during 2019-20 is estimated at 5.0 per cent as compared to the growth rate of 6.8 per cent in 2018-19," the ministry's statement added.
The decline has been mainly on account of deceleration in manufacturing sector growth, which is expected to come down to 2 per cent in 2019-20 from 6.2 per cent in the year-ago fiscal, as per the first advanced estimates of the national income released by National Statistical Office(NSO) on Tuesday.
The deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
Whereas, some sector, including mining, public administration, and defence, showed minor improvement.