mining and quarrying sector Current Affairs - 2019
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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.
Tags: Agriculture • Central Statistics Office • Fishing • Forestry • GDP • gross domestic product • Gross Value Added • GVA • Indian Economy • Manufacturing Sector • mining and quarrying sector • National Income • Service Sector
The Ministry of Statistics and Programme Implementation has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2017-18. The highlights of the revised estimates are:
- The forecast for GDP growth for 2017-18 was increased to 7.2% from the earlier estimate of 6.7%.
- The actual growth rate in 2016-17 has been increased to 8.2% from the 7.1% estimated earlier.
The Ministry of Statistics and Programme Implementation clarifies that the revision of the estimates for 2015-16 and 2016-17 are on the account of the availability of the latest data on agricultural production, industrial production, government expenditure (replacing the Revised Estimates with Actual for 2016-17) and also more comprehensive data available from various source agencies like the MCA and the NABARD and State/Union Territory Directorates of Economics and Statistics.
Criticisms against the Revision
The Economists criticise the revision because of the following reasons:
- The numbers do not match up to the ground realities.
- The data corresponding to the demonetisation year of 2016-17 shows strong growth in sectors that were widely agreed to have been badly hit by the exercise.
- The main factor for the revision was the increase in private final consumption expenditure which was increased by 1 percentage point. This was inconsistent with the idea of people having less cash to make purchases.
- The other main driver of the upward revision was the construction sector which was revised upwards by 4.7 percentage points. The earlier analyses had indicated that construction which has a large informal sector component was adversely affected similar to other informal sectors due to demonetisation.
- Other drivers for the upward revision in 2017-18, mining and quarrying sector and the public administration sector had data that is compiled by the government itself. Hence they should not have undergone such a vast revision. .
With 2019 being a election year, critics also cry foul play on part of the government to project a happy picture before the general elections.
Tags: agricultural production • government expenditure • Industrial production • mining and quarrying sector • Ministry of Statistics and Programme Implementation • NABARD • public administration sector • Revised Estimates