India's GDP for July-September drops to 4.5 pct
New Delhi/IBNS: Hinting that the country's economy might be witnessing a slowdown, India's second-quarter GDP stood at 4.5 percent, the lowest in six years, as per government data released on Friday.
GDP at Constant (2011-12) Prices in Q2 of 2019-20 is estimated at ₹35.99 lakh crore, as against ₹34.43 lakh crore in Q2 of 2018-19, showing a growth rate of 4.5 percent. Quarterly GVA (Basic Price) at Constant (2011-2012) Prices for Q2 of 2019-20 is estimated at ₹33.16 lakh crore, as against ₹31.79 lakh crore in Q2 of 2018-19, showing a growth rate of 4.3 percent over the corresponding quarter of previous year, read a government statement.
The Economic Activities which registered growth of over 4.3 percent in Q2 of 2019-20 over Q2 of 2018-19 are ‘Trade, Hotels, Transport, Communication and Services related to Broadcasting’ ‘Financial, Real Estate and Professional Services’ and ‘Public Administration, Defence and Other Services’.
The growth in the ‘Agriculture, Forestry and Fishing’, ‘Mining and Quarrying’, ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’ and ‘Construction’ is estimated to be 2.1 percent, 0.1 percent, (-) 1.0 percent, 3.6 percent and 3.3 percent respectively during this period.
The second quarter estimates are based on 1st advance estimates of agricultural production during Kharif season of 2019-20 obtained from the Department of Agriculture, Cooperation & Farmer Welfare (DAC& FW). For Livestock sector, estimates of production of major livestock products (i.e. Milk, Egg, Meat and Wool) obtained from the Department of Animal Husbandry & Dairying and Fish production data obtained from Department of Fisheries have been used.
Index of Industrial Production (IIP); monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of State Government expenditure maintained by Comptroller and Auditor General of India (CAG) for the period July-September 2019-20 have been used.
With the introduction of Goods and Services Tax (GST) from 1st July 2017 and consequent changes in the tax structure, the total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.
Performance of key sectors like Transport including Railways, Road, Air and Water Transport etc., Communication, Banking and Insurance during the period July-September 2019-20 has been taken into account while compiling the estimates.
Performance of the corporate sector during July-September 2019-20 based on data received from BSE / NSE has been taken into account.
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