After A Modi Era High Of 8.2 Per Cent, GDP Growth Sobers Down To 7.1 Per Cent In Second Quarter Of 2018

After A Modi Era High Of 8.2 Per Cent, GDP Growth Sobers Down To 7.1 Per Cent In Second Quarter Of 2018Finance Minister Arun Jaitley (L) with PM Narendra Modi (R) ( Sonu Mehta/Hindustan Times via Getty Images)

The Gross Domestic Product (GDP) growth estimates for the second quarter of FY19 were released by the Central Statistics Office on Friday (30 November).

As per the figures, the economy grew at 7.1 per cent in the quarter, a step-down from the Modi era high figure of 8.2 per cent clocked in the first quarter of the financial year.

This figure of 7.1 per cent is also a markdown from the estimate of around 7.4 to 7.6 per cent, put forth by various experts.

As per a PIB release, the sectors which grew at over 7 per cent, are manufacturing, ‘electricity, gas, water supply, other utility services’, ‘construction’, ‘public administration and defence’.

Agriculture, forestry and fishing grew at 3.8 per cent, on the other hand mining and quarrying contracted by 2.5 per cent.

Sectors like trade, hotels, transport, communication and services pertaining to broadcast grew by 6.8 per cent. Finance, real estate and professional services grew at 6.3 per cent.

The GDP at constant (2011-12) prices in the second quarter is estimated at Rs 33.98 lakh crore, against the Rs 31.72 lakh crore figure recorded in the same quarter last year.

The quarterly gross value added (GVA), has been estimated at Rs 31.40 lakh crore, up from Rs 29.38 lakh crore measured in Q2 of FY18.