National Statistical Office (NSO) has estimated India’s GDP growth rate for 2019-20 estimated at 5% on 7 January 2020. It has seen dipping to an 11-year low of 5% in the current fiscal. This is mainly due to poor showing by the manufacturing and construction sectors. The previous low economic growth was recorded at 3.1% in 2008-09.
♦ As per the first advance estimates of the national income released by NSO, the estimated growth of the Indian economy of 5% in 2019-20 as against 6.8% in the previous fiscal.
♦ The report also states that the output of the manufacturing sector is expected to decelerate to 2% in 2019-20 from 6.2% in the previous fiscal. The reduction was also witnessed in sectors like construction and electricity, agriculture, gas and water supply.
♦ Some sectors like mining, public administration, and defence have shown minor improvement.
♦ The estimated growth of real Gross Value Added (GVA) in 2019-20 is 4.9% as against 6.6% in 2018-19.
♦ Also, Gross Fixed Capital Formation (GFCF) at current prices has been estimated at Rs.57.42 lakh crore in 2019-20 as against Rs.55.70 lakh crore in 2018-19.
♦ NSO has estimated the per capita income at current prices at Rs.1,35,050, showing a rise of 6.8% against Rs.1,26,406 during 2018-19 with a growth rate of 10.0%.
National Statistical Office (NSO):
NSO is responsible to conduct large scale sample surveys in diverse fields on an All India basis. It functions under the Ministry of Statistics and Programme Implementation (MSoPI). It maintains a frame of urban area units for use in sample surveys in urban areas.
The four divisions of NSO are Field Operations Division (FOD), Survey Design and Research Division (SDRD), Survey Coordination Division (SCD), and Data Processing Division (DPD).