CSO Current Affairs - 2019
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The World Economic Outlook of the International Monetary Fund (IMF) has given the following prospects about the growth trends for India:
- IMF has retained its growth projection for the country at 7.5 per cent for 2019-20 and said it is likely to accelerate to 7.7 per cent in 2020-21. This brings cheers for India as the world growth rates have been revised downwards.
- India will remain the fastest-growing economy in the world, at least for the next two years.
- India’s growth rate is poised to pick up in 2019, benefiting from low oil prices and a slower pace of monetary tightening than previously expected as inflation pressures ease.
The projection by IMF is higher than the Central Statistics Office’s (CSO) estimate of 7.2 per cent and lower than the RBI’s estimate of 7.4 per cent. IMF’s estimates are in line with the World Bank’s estimate of 7.3 per cent.
China’s GDP growth on the decline
The GDP figures from China shows that it recorded its lowest growth rate in 28 years at 6.6 per cent in 2018. IMF had estimated growth rate of 6.6 per cent in 2018 and 6.2 per cent in 2019 and 2020. As a result, India is poised to be the fastest-growing economy in the world, at least for the next two years.
The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation has released the first advance estimates of National Income for 2018-19.
Highlights of the Estimate
The Estimate makes the following observations:
- The Indian economy is expected to grow at 7.2 per cent in the financial year 2018-19 which is higher than the 6.7 per cent GDP growth in the previous financial year 2017-2018.
- The 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 CSO estimates that 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.
- The manufacturing sector is expected to grow at 8.3 per cent in 2018-19, up from 5.7 per cent in 2017-18.
- India’s per capita income in real terms (at 2011-12 prices) during 2018-19 is likely to attain a level of Rs 91,921 as compared to Rs 86,668 for the year 2017-18. The per capita income would grow at a rate of 6.1 per cent.
Central Statistics Office (CSO)
The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation coordinates the statistical activities in the country and evolves statistical standards.
The functions of the CSO include National Income Accounting, conducting of Annual Survey of Industries, Economic Censuses and its follow up surveys, compilation of Index of Industrial Production, as well as Consumer Price Indices for Urban Non-Manual Employees, Human Development Statistics, Gender Statistics, imparting training in Official Statistics, dissemination of statistical information, work relating to trade, energy, construction, and environment statistics, revision of National Industrial Classification, etc