New Delhi, January 7: India's Gross Domestic Product (GDP) growth during 2019-20 is estimated at 5 percent as compared to the growth rate of 6.8 per cent in 2018-19, the government said on Tuesday. The latest data by the Central Statistics Office (CSO) shows that GDP is pegged to growth at 5 percent in FY20, in line with RBI (Reserve Bank of India) estimate of 5 percent. India Will Struggle to Achieve 5 Per Cent GDP Growth in 2020, Says Steve Hanke.

The data is released is at a time when the Indian economy has seen a major slowdown. Estimated growth of real GDP in 2019-20 is 4.9% as against 6.6% in 2018-19. The Indian economy grew at 5 percent and 4.5 percent, respectively in the quarters ending June and September. Moody’s Lowers India’s GDP Growth Projection For FY20 to 4.9%, Cites Weak Household Consumption.

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"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," the Ministry of Statistics said in a statement.

"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," it added.

(The above story first appeared on LatestLY on Jan 07, 2020 05:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).