India’s Gross Domestic Product is likely to grow at 7.2% in the 2018-’19 financial year, against the actual growth rate of 6.7% for 2017-’18, a government press release said on Monday. The GDP grew at 7.1% in the July-September 2018 quarter, against 8.2% in the April-June 2018 period.
The GDP at constant prices for 2017-’18 was estimated to be Rs 130.11 lakh crore, the press release said. In 2018-’19, this figure is likely to reach Rs 139.52 lakh crore, it added.
The sectors which are expected to register a growth rate of over 7% in 2018-’19 are “electricity, gas, water supply and other utilities”, construction, manufacturing, and “public administration, defence and other services”, the government said.
India’s per capita income at 2011-’12 prices, or the average income earned per person, is likely to rise from Rs 86,668 per annum in 2017-’18 to Rs 91,921 per annum in 2018-’19, a growth rate of 6.1%, the press release said.
In November 2018, the government had revised down the GDP growth rates for the 2006-’12 period, saying it had recalibrated the data to reflect a more accurate picture of the economy. The country was ruled by a Congress-led government during that period.
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