Why in the news?

The country’s gross domestic product (GDP) is estimated to grow at 6.5 per cent during 2017-18 — a four year low.

More about the statistics

• Data released Friday by the Central Statistics Office (CSO) showed growth was lower than the 7.1 per cent GDP growth in the previous financial year on account of slowdown in the agricultural and manufacturing output.
• The advance estimate for Gross Value Added (GVA), the more closely watched indicator for growth, is estimated at 6.1 per cent for 2017-18, down from 6.6 per cent in the previous financial year.

• The GVA growth rate for ‘agriculture, forestry and fishing’ is expected to slow sharply to 2.1%, compared with the previous year’s 4.9% pace.
• Manufacturing sector growth has been forecast at 4.6% in 2017-18, compared with the 7.9% expansion provisionally estimated for 2016-17.
• The CSO’s GVA full-year growth estimate of 6.1%, compares with a 6.7% pace that the Reserve Bank of India had forecast at its December policy meeting.
• Gross Fixed Capital Formation, an indicator for private investment, is estimated to grow at 29 per cent at constant prices during 2017-18 as against 29.5 per cent during the same period last year.
• While part of the blame for the slowdown, especially in the manufacturing sector, can be directed at the adverse impact of demonetisation and initial glitches in implementation of Goods and Services Tax (GST), the positives from the data is that both gross fixed capital formation — a proxy for investment — and private final consumption expenditure, despite inching down, are still holding.

Source

The hindu, Indian Express