5% estimate in line with RBI forecast.
The government expects the country’s gross domestic product (GDP) to grow at a slower pace of 5% for the full year 2019-20, as compared to 6.8% in the previous year, according to the first advance estimates released by the Statistics Ministry on Tuesday.
This estimate is in line with projections made by the Reserve Bank of India, which had revised GDP growth downwards to 5% for 2019-20 from 6.1% during its October policy.
As per the data, the manufacturing sector is estimated to grow by 2% as compared to a robust growth of 6.9% in 2018-19. Likewise, the growth in the construction sector for the fiscal is expected to see a sharp decline to 3.2% as against a growth of 8.7% in the previous year.
Economic growth slowed to a six-year low of 5% in the first quarter of the 2019-20 fiscal, while slipping further to 4.5% growth in the second quarter (July-September).
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