NSO estimated India's GDP growth rate as 5% for the current fiscal

Highlights:

  • National Statistical Office (NSO) has estimated India's GDP growth rate for 2019-20 estimated at 5% on 7 January 2020. It has seen dipping to an 11-year low of 5% in the current fiscal. 
  • This is mainly due to poor showing by the manufacturing and construction sectors. 
  • The previous low economic growth was recorded at 3.1% in 2008-09.
  • As per the first advance estimates of the national income released by NSO, the estimated growth of the Indian economy of 5% in 2019-20 as against 6.8% in the previous fiscal.
  • The report also states that the output of the manufacturing sector is expected to decelerate to 2% in 2019-20 from 6.2% in the previous fiscal. 
  • The reduction was also witnessed in sectors like construction and electricity, agriculture, gas and water supply.
  • Some sectors like mining, public administration, and defence have shown minor improvement.
  • The estimated growth of real Gross Value Added (GVA) in 2019-20 is 4.9% as against 6.6% in 2018-19.
  • Also, Gross Fixed Capital Formation (GFCF) at current prices has been estimated at Rs.57.42 lakh crore in 2019-20 as against Rs.55.70 lakh crore in 2018-19.
  • NSO has estimated the per capita income at current prices at Rs.1,35,050, showing a rise of 6.8% against Rs.1,26,406 during 2018-19 with a growth rate of 10.0%.
National Statistical Office (NSO): A fact file
  • NSO is responsible to conduct large scale sample surveys in diverse fields on an All India basis. 
  • It functions under the Ministry of Statistics and Programme Implementation (MSoPI). 
  • It maintains a frame of urban area units for use in sample surveys in urban areas.
  • The four divisions of NSO are Field Operations Division (FOD), Survey Design and Research Division (SDRD),  Survey Coordination Division (SCD), and Data Processing Division (DPD).