INSUBCONTINENT EXCLUSIVE:
Mr Garg said that the growth needs to be looked at in view of the higher base.The government said there was no downward revision of GDP
growth for 2018-19 (at 7 per cent) if seen in the context of growth rates for the last two financial years.Subhash Chandra Garg, Secretary,
Department of Economic Affairs (DEA), said the Second Advance Estimates of GDP factored in a higher base."The growth needs to be looked at
Advance Estimates of national income to 7 per cent from 7.2 per cent in the First Advance Estimates, attributing it to a slowdown in
agriculture and manufacturing."The GDP was revised last year as well as the year before
This growth is on top of that
The real GDP has been revised upwards to Rs 144 lakh crore from the GDP in the first estimates for 2018-19, which was Rs 141 lakh crore
So the GDP has actually gone up from the earlier estimates," Mr Garg said."Likewise, the nominal GDP has been revised upwards from Rs 188
lakh crore to Rs 190 lakh crore
So there is an upward revision in GDP as compared to the first estimates
GDP was initially 6.7 per cent while this year's projection was 7.2 per cent
Now the previous year's GDP has been revised to 7.2 per cent while the projection for 2018-19 has been revised to 7 per cent
If these factors are taken together, the GDP has actually gone up from 6.9 per cent to about 7.1 per cent
There is no downward revision," the DEA Secretary said.India's economic growth slowed to a five-quarter low of 6.6 per cent in the
October-December period of the present fiscal, according to the CSO statement released on Thursday.Slower growth in Q3, and the downward
revisions in Q1 and Q2, has brought down the overall GDP projection for 2018-19 to 7 per cent from the earlier estimate of 7.2 per cent.
