India's economy will grow at 7.2% in 2018-19 from 6.7% a year before, the Central Statistics Office said on Monday as it saw an improved performance of agriculture and manufacturing going ahead.
The growth in agriculture, forestry and fishing is likely to increase to 3.8% in the current fiscal from 3.4% last year, the CSO said releasing its first advanced estimate of National Income for 2018-19.
It also saw the growth in the manufacturing sector grow at 8.3% in 2018-19 from a low of 5.7% a year ago.
Buoyed by the forecast, Economic Affairs Secretary Subhash Garg said, “very healthy advance GDP growth numbers for 2018-19. GDP grows by 7.2% compared to 6.7% in 2017-18. India remains the fastest growing major economy globally”.
He said several industry segments recorded resounding and impressive GVA growth in 2018-19 compared to 2017-18. Manufacturing at 8.3% against 5.7%, construction at 8.9% against 5.7% and electricity, gas, water supply and utilities at 9.4% against 7.2% are star performers.
“Especially gratifying, impressive and promising is the growth in gross fixed capital formation (GFCF). About 12.2% real growth in 2018-19 compared to 7.6% in 7-18 heralds excellent pick up in investment activity. GFCF as a ratio to GDP has risen to 32.9% from 31.4% in 2017-18.”
India's economy expanded by 7.1% in 2016-17 and 8.2% a year before that.