Breaking News

You are here » Indian-Commodity  :  Economy  :  NCAER retains India's GDP growth forecast at 7.4% for FY19

28-Aug2018

NCAER retains India's GDP growth forecast at 7.4% for FY19

Citing comfortable agricultural sector outlook and a marked improvement in the external sector, economic policy think-tank, National Council of Applied Economic Research (NCAER) has retained India's gross domestic product (GDP) growth forecast at 7.4% for the current fiscal (FY19). As per the NCAER report, the real agriculture Gross Value Added (GVA) is envisaged to grow at 4.6%, real industry GVA at 5.1%, and real services GVA at 8.5% in 2018-19.

Both the NCAER annual and quarterly models forecast that GVA will grow at 7% per annum in 2018-19 on a year-on-year (Y-o-Y) basis. NCAER's latest Quarterly Review of the Economy said the annual model forecasts that GDP at market prices will grow at 7.4% for 2018-19 on a Y-o-Y basis, same as May 2018. Besides, the growth rates in exports and imports, in dollar terms, are estimated at 11.9% and 15.1% respectively. The current account balance and central fiscal deficit, as percentages of GDP, are projected at 2% and 3.3% respectively.

The economic policy think tank said the trends for both rainfall and prices indicate comfortable agricultural sector outlook for the year as a whole. It noted that there was also a marked improvement in the external sector in 2018-19 and said that the financial year 2017-18 witnessed a rise of 9.9%  and 18.6%, respectively, in exports and imports, on a Y-o-Y basis. It added that the upswing continued even in FY19, wherein the total exports grew at the rate of 18% and total imports surged at 15.1% on a Y-o-Y basis during the period April-May.


Related News

View all news

Complete turnaround two years away for PSBs despite capital infusion: Moody's

After the government announced Rs 48,239 crore capital infusion into 12 public sector banks (PSBs) in this fiscal to help them maintain regulatory capital requirements and finance growth plans, global......

Finance Ministry to recapitalise 12 PSBs with capital infusion of Rs 48,239 crore

In a bid to take public sector banks (PSBs) out of Reserve Bank of India's (RBI) prompt corrective action framework, the Finance Ministry has decided to recapitalise 12 PSBs with capital infusion of Rs......

FDI falls 7% to $33.49 billion during April-December of FY19

The Commerce and industry ministry in its latest data has showed that in the first nine months (April-December) of current financial year (FY19) Foreign direct investment (FDI) into India contracted by......

Top News

View all news

Syndicate Bank enters into partnership with Srei Equipment Finance

Syndicate Bank has entered into partnership with Srei Equipment Finance to jointly provide financing for construction and farm equipment. Under the arrangement, Syndicate Bank would leverage on its low-cost......

Tata Motors to supply 80 Electric buses to West Bengal Transport Corporation

Tata Motors will supply 80 Electric buses to the West Bengal Transport Corporation (WBTC). The company has already supplied 20 Ultra Electric 9/9m AC E-buses, with remaining 20 9/9m AC E-buses scheduled......

BEL signs teaming agreement with Hughes India for Helicopter Satcom Solutions

Bharat Electronics (BEL) and Hughes India have entered into a Teaming Agreement for design, development, supply, installation, integration and commissioning of Satellite Communication solutions for helicopters......