According to the CSO data, the expansion in activities in 'agriculture, forestry and fishing’ is likely to increase to 3.8% in the current fiscal as against 3.4% in the preceding year.
India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecasted owing to the rise in consumption and investment.
The bank predicts that India shall continue to be the fastest growing major economy in the world.
"With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, an average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing the business ranking. The growth momentum is there,” Ayhan Kose, World Bank Prospects Group Director quoted. He further stated that India’s growth performance has been quite impressive as compared to other emerging markets.
World Bank said that Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices.
The Central Statistics Office (CSO) on Monday released the first estimates of National Income pointed out that the growth in GDP is estimated at 7.2% as compared to 6.7% in 2017-18.
The growth is predicted majorly on the basis of the expansion of the agricultural and manufacturing sector. The expansion in activities in 'agriculture, forestry and fishing’ is likely to increase to 3.8% in the current fiscal as against 3.4% in the preceding year. The growth of the manufacturing sector is expected to accelerate to 8.3 per cent this fiscal, up from 5.7 per cent in 2017-18. However, the mining and quarrying sector growth rate is estimated to decline from 2.9 per cent in 2017-18 to 0.8 per cent in the current year.
