Business, Economy & Banking Current Affairs - 2019

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Growth Rate in the Core Sector witnesses Decline

The growth rate eight core sectors which include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity witnessed a decline as per the data from the Ministry of Commerce and Industries.

Reduced growth rate of Core Sector

  • The core sector which had witnessed a 6.2% growth in January 2018 witnessed a growth rate of 1.8 % in January
  • The decline in the output of crude oil, refinery products and electricity pulled down the growth of eight core sectors to 1.8 %.
  • The declining trend which has been witnessed since October 2018 suggests continued weakness in industrial activities and a weak second half economic growth in the financial year 2018-19.
  • Production of crude oil, refinery products and electricity contracted 4.3%, 2.6% and 0.4%, respectively.
  • Coal and cement output slowed to 1.7% and 11% in January as against 3.8% and 19.6% in January 2018, respectively.
  • Natural gas, fertilisers and steel output grew 6.2%, 10.5% and 8.2 % respectively.
  • Higher fertiliser growth has been attributed to the negative base effect last year.

Sluggish core sector growth would impact the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total industry output.

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India to grow at 7.2 per cent in 2018-19: CSO

The Central Statistics Office has released the first advance estimates of National Income for 2018-19. The observations made by CSO are:

  • Indian economy is expected to grow at 7.2 per cent in 2018-19, a tad higher from 6.7 per cent in the 2018-18.
  • Real GVA (Gross Value Added) is expected to grow at 7 per cent in the current fiscal as against 6.5 per cent in 2017-18.
  • The expansion in activities in agriculture, forestry and fishing is likely to increase to 3.8 per cent in the current fiscal from 3.4 per cent in the preceding year.
  • Growth in the manufacturing sector is expected to increase to 8.3 per cent in 2018-19 up from 5.7 per cent in 2017-18.
  • The growth in the mining and quarrying sector is estimated to decline from 2.9 per cent in 2017-18 to 0.8 per cent in the current fiscal.
  • Trade, hotels, transport, communication and services related to broadcasting will also witness deceleration to 6.9 per cent in 2018-19 from 8 per cent in 2017-18.
  • The growth rate of public administration, defence and other services will also dip to 8.9 per cent from 10 per cent last fiscal.
  • Electricity, gas, water supply & other utility services growth is estimated at 9.4 per cent in 2018-19, up from 7.2 per cent in 2017-18.
  • The construction sector is expected to grow at 8.9 per cent from 5.7 per cent previous fiscal.
  • Financial, real estate & professional services growth will be a tad higher at 6.8 per cent this fiscal against 6.6 per cent in 2017-18.

CSO also estimates per capita net national income during 2018-19 to be at Rs 1,25,397, an increase of 11.1 per cent as compared to Rs 1,12,835 during 2017-18 with the growth rate of 8.6 per cent.

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