India's GDP growth rate for FY20 estimated at 5%

New Delhi: The government on Tuesday released the first advance estimates of gross domestic product (GDP) numbers for 2019-20.

The latest data released by the CSO show that the GDP is pegged to grow at 5 percent in FY20, as against 6.8 percent in the previous fiscal, in line with the Reserve Bank of India’s (RBI’s) estimate of 5 per cent. The first advance estimate of FY20 gross value added (GVA) growth stood at 4.9%.

The decline has been mainly on account of deceleration in manufacturing sector growth, which is expected to come down to 2 per cent in 2019-20 from 6.2 per cent in the year-ago fiscal.

GDP growth stood at 4.8 per cent for the first half of the current fiscal year. For 2018-19, the first advance estimates had pegged the GDP growth at 7.2%, which was brought down to 7% in the second advance estimates and was further pared down to 6.8% in the actual number.