India'sGDPgrowthin2018-19. India's economy grew at an impressive 8.2 per cent in the first quarter of 2018-19 financial year ending June 30 on the back of a strong core performance and a healthy base .
This jump ahead of national elections next year would help bolster the government amid a debate over its economic record versus that of its predecessor following the release of back-series data recently. This will also be factored in by the monetary policy committee at its next review scheduled for October 3-5.
The Indian government changed the base year for GDP calculation from 2004-05 to 2011-12, by changing the goods and services in the basket to make it more current, in 2015.
KeyHighlights
This is the highest growth in two years and strongest since the first quarter of 2016.
Sectors which registerd growth of over 7 per cent include ‘manufacturing, ‘electricity, gas, water supply & other utility services’ ‘construction’ and ‘public administration, defence and other services’.
ADVERTISEMENT
The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘Trade, hotels, transport, communication and services related to broadcasting’ and financial, real estate and professional services is estimated to be 5.3 percent, 0.1 percent, 6.7 percent, and 6.5 percent respectively during this period.
GDP at current prices in Q1 of 2018-19 is estimated at Rs 44.33 lakh crore, as against Rs 38.97 lakh crore in Q1 of 2017-18, showing a growth rate of 13.8 percent.
The official figures are much better than the expectations of economists who have predicted about 7.5-7.6 per cent Q1 growth.
The world’s second largest economy, China, reported a 6.7 per cent growth for June quarter compared with 6.8 per cent in March quarter. India's $2.6 trillion economy surpassed France's in 2017 to be the world's sixth largest, and it was not far before the United Kingdom, according to World Bank data.
However despite the strong Q1 numbers, there is apprehension about the economy slowing down in the coming times.
Sameer Narang, chief economist at Bank of Baroda, told Reuters that the economic growth could cool to about 7.2 percent in October-March.
CHARACTERISTICS OF INDIAN ECONOMY -Main characteristics of Indian economy are. • Agrarian Economy In an agrarian or primary economy, agricultural dominance prevails in both the GDP and employment. • MIXED ECONOMY It is an economy where both public and private sector co-exist. The nature of Indian economy is a mixed economy, coined by Pat Mullins. But JM Keynes' economy supported the mixed economy, which is guided operated by the government. • DEVELOPING ECONOMY following features show that Indian economy is a developing economy (a) Low per capita income (b) Heavy population pressure (c) prevalence of chronic unemployment and underemployment (d) Steadily improving rate of capital formation (e) Low human development indicators. BROAD SECTORS OF INDIAN ECONOMY • Primary sector Agriculture, forestry, fishing etc. • Secondary sector Mi...
ECONOMY • ECONOMY is the financial condition of the different Sectors of the country . • The study of economy of any country helps us in finding out the financial condition of the population as well as the economy. It also helps in comparing the economy condition of two different countries . ECONOMIC GROWTH • It may be defined as a state of expansion that can move an underdeveloped country from a near subsistence mode of living to substantially higher levels over a period of time. ECONOMIC DEVELOPMENT •Till the 1960s, economic development was often used as a synonym of economic growth with change, which refers to the qualitative change in the economy. These change are in the form of improvement in the level of living, reduction in inequality, rise in efficiency and improvement in technique. click here for more details https://en.m.wikipedia.org/wiki/Economy_of_India Thank you.
NATIONAL INCOME AGGREGATES • GROSS NATIONAL PRODUCT (GNP) GNP refers to the money value of total output of production of final goods and services produced by the national of a country during a given period of time, generally a year. • GROSS DOMESTIC PRODUCT(GDP) It is the total money value of all final goods and services produced within the geographical boundaries of the country during a given period of time. • GROSS VALUE ADDED(GVA) It is a measure of the value of good and services produced in an area, industry or sector of an economy. In national accounts, GVA is output minus intermediate consumption, It is a balancing item of the national accounts production account. • PERSONAL DISPOSABLE INCOME(PDI ) •when personal direct texes are subtracted form personal income, the obtained v alue is called personal disposable income. Thank you.
Good
ReplyDeleteGood
Delete