The government on Friday predicted that India’s Gross Domestic Product will grow at 6.5% this year. The Central Statistical Office released the first advance estimate of India’s Gross Domestic Product for the 2017-’18 financial year. The GDP had grown at 7.1% during the 2016-’17 fiscal year.
India’s GDP would reach Rs 129.85 lakh crore in 2017-’18 as against Rs 121.90 lakh crore in the 2016-’17 fiscal year, the office said.
The growth rate of the agriculture, fishing and forestry sector is expected to decline from 4.9% in 2016-’17 to 2.1% in 2017-’18. Manufacturing will grow at 4.6% this financial year as compared to 7.9% in 2016-’17, the data showed.
The financial, real estate and professional services sector will grow at 7.3% this fiscal year as compared to 5.7% in 2016-’17, the Central Statistical Office release said.
India’s per capita income will increase by 5.3% to Rs 86,660 in 2017-’18, the office said. This is lower than the growth rate of 5.7% achieved in the last financial year. The per capita income is the average income earned by an individual in the country per year.
GDP growth had declined to 5.7% for the April-June quarter of 2017-18. It increased to 6.3% for the second quarter of the financial year.
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