GDP first advance estimates predict economic growth at 5 per cent in FY

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The government on Tuesday released first advance estimates of GDP numbers for the current financial year (2019-20) pegging the growth at 5 per cent.

The latest data released by the Ministry of Statistics and Programme Implementation's CSO is in line with the Reserve Bank of India's (RBI's) estimate.

The first advance estimate of FY20 gross value added (GVA) growth stood at 4.9 per cent. The economic growth slowed to 4.5 per cent in the second quarter of current fiscal as against 5 per cent in the first quarter.

For 2018-19, the first advance estimates had pegged the GDP growth at 7.2 per cent which was brought down to 7 per cent in the second advance estimates and was further pared down to 6.8 per cent in the actual number.

"The real GDP or GDP at constant prices (2011-12) in 2019-20 is likely to attain a level of Rs 147.79 lakh crore as against the provisional estimate of GDP for 2018-19 of Rs 140.78 lakh crore," according to an official statement.

"At the same time, the real GVA at basic prices is estimated to increase from Rs 129.07 lakh crore in 2018-19 to Rs 135.40 lakh crore in 2019-20. The estimated growth of real GVA in 2019-20 is 4.9 per cent as against 6.6 per cent in 2018-19," it added.

Besides, the per capita net national income during 2019-20 is estimated to be Rs 135,050, marking an increase of 6.8 per cent as compared to Rs 126,406 during 2018-19 with the growth rate of 10 per cent.

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