India’s GDP growth rate at 6.6 percent in Q3FY19
The Q3FY19 for the GDP data was released today by the Central Statistical Office (CSO) in India. The third quarter of GDP growth is at 6.6 percent, it was seen at 8.2 percent in the First quarter. The Q2FY19 for the GDP growth were stood at 7.1 percent. The data released today by the CSO, making it clear that the growth was slower as compared to the previous quarter.
The First quarter of this fiscal year 2018-19 has been revised to 8 percent, earlier it was at 8.2 percent. The Q2FY19 has also been revised to 7 percent from the 7.1 percent. For the current financial year, it was estimated at 7.4 percent in the December Policy.
The GDP growth for the next financial year 2019-20 is projected at 7.4 percent. There is a 7.2 -7.4 percent in the first half and 7.5 percent in the Q3FY20. India’s Gross Value Added (GVA) growth stood at 6.3 percent.
Manufacturing Sector has under performed recently, even though the manufacturing is one of the biggest growing economy like Automobiles, Electronic Appliances. The share of manufacturing in GDP has risen about 1.5 percent in the last three years.
Generally, Gross Domestic Product (GDP) is used to calculate the total output of the economy in a particular period. The Gross Value Added(GVA) adjusts the GDP by the impact of subsidies and taxes on Products.
The announced GDP data in India is 6.6 percent for the Third quarter(October – December) of Financial year 2018-19. However it is growing better than China, which has 6.4 percent GDP growth in the said period.
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