NewDelhi : On its first day at office in the 2ndterm, the Narendra Modi government gets a bad news from the Economic front. India’s economic growth rate slipped to a five-year low of 5.8 per cent in January-March 2018-19, owing to poor performance in the agriculture and manufacturing sectors.
According to the report released by the Central Statistics Office (CSO), the growth in gross domestic product during the 2018-19 fiscal stood at 6.8 per cent, lower than 7.2 per cent in the previous financial year. The GDP growth was slowest since 2014-15 as the previous low was 6.4 per cent in 2013-14.
India’s Per Capita Income in real terms (at 2011-12 Prices) during 2018-19 is estimated to have attained a level of Rs.92565 as compared to Rs. 87,623for the year 2017-18. The growth rate in Per Capita Income is estimated at 5.6percent during 2018-19, as against 5.7 percent in the previous year.
Meanwhile, the country’s Gross National Income (GNI) at 2011-12 Prices is now estimated at Rs.139.32lakhcroreduring 2018-19, as against the previous year’s estimate of Rs.130.34 lakh crore. In terms of growth rates, the Gross National Income is estimated to have risen by 6.9percent during 2018-19, in comparison to the growth rate of 7.2percent in 2017-18.