GDP Slumps to 7.1% During July-September 2018 Vs 8.2% in First Quarter
The economic growth rate of India has slowed down as compared to the last quarter. The gross domestic product (GDP) grew at 7.1 percent in the period between July-September. The GDP dropped from 8.2 percent in the previous quarter due to various reasons including high fuel prices, depreciating the value of Rupee against the US Dollar.
New Delhi, November 30: The economic growth rate of India has slowed down as compared to the last quarter. The gross domestic product (GDP) grew at 7.1 percent in the period between July-September. It dropped from 8.2 percent in the previous quarter due to various reasons, including high fuel prices, depreciating value of the rupee against the US dollar. Apart from the dip in the second quarter of 2018-19, the GDP rose faster as compared to the 6.3 percent increase of the same quarter in the last year. India's GDP Growth Rate Peaked to 10.8% Under Manmohan Singh's Tenure in 2006-07, Shows Revised Data.
As per the national income data released by the Central Statistics Office (CSO) on November 30, gross value added (GVA) at 2011-12 prices, grew at 6.9 percent in the period between July-September, which is lower than the previous quarter. However, it still better than the figures of the same quarter in the last year, GVA is calculated by subtracting taxes from the GDP. If we talk about the sector-wise growth, the manufacturing sector grew at 7.4 percent in the present quarter, which is almost half as compared 13.5 percent in the previous quarter. There is also a dip in the growth of the agriculture sector by 1.5 percent. In the last quarter, it was 5.3 percent.
Meanwhile, the central government on Wednesday lowered the country's economic growth rate during the previous Congress-led UPA regime, shaving off over one percentage point from the only year when India posted double-digit GDP growth post liberalisation and from each of the three years with 9-plus per cent expansion. The revised growth numbers have been released ahead of the 2019 general elections. At a joint press conference along with Chief Statistician Pravin Srivastava, Niti Aayog Vice-Chairman Rajiv Kumar said variation in two sets of numbers was due to the recalibration of data in certain sectors of the economy, including mining, quarrying and telecom.
(The above story first appeared on LatestLY on Nov 30, 2018 06:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).