India loses “fastest growing economy” tag to china
GDP growth slows to 5-year low
New Delhi: India has lost its coveted title of the world's fastest growing economy to China, as low agriculture and mining output along with subdued consumer demand, slowed the country's economic growth rate to 5.8 per cent during the fourth quarter of 2018-19, official data showed on Friday.
China's economy had grown by over 6 per cent in the fourth quarter.
On a sequential basis, India's economy had grown at 6.6 per cent in the third quarter ending December.
According to the Central Statistics Office (CSO), on a year-on-year (YoY) basis, the GDP growth of 5.8 per cent in the fourth quarter ended March was way lower than the 8.1 per cent expansion witnessed during the same quarter of the previous year.
"GDP (gross domestic product) at constant (2011-12) prices in Q4 of 2018-19 is estimated at Rs 37.20 lakh crore, as against Rs 35.15 lakh crore in Q4 of 2017-18, showing a growth rate of 5.8 per cent," according to the GDP estimates released by the CSO.
Similarly, the full fiscal 2018-19 was no better for the economy with the country recording a GDP growth of 6.8 per cent - the lowest in five years. In the fiscal 2017-18, the country had clocked a GDP growth rate of 7.2 per cent.
The gross value added (GVA) growth rate during 2018-19 on a YoY basis fell to 6.6 per cent, from 6.9 per cent during the previous fiscal.
"Real GVA, (GVA at basic constant) (2011-12) prices for the year 2018-19 is now estimated at Rs 129.07 lakh crore, showing a growth rate of 6.6 per cent over 'First Revised Estimates of GVA' for the year 2017-18 of Rs 121.04 lakh crore released on January 31, 2019," the CSO said.
The GVA includes taxes, but excludes subsidies.
As per the data, the economic activities which registered growth of over 7 per cent on a YoY basis in 2018-19 were 'public administration, defence and other services', 'construction', 'financial, real estate and professional services', 'electricity, gas, water supply and other utility services'.
"The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'manufacturing' and 'trade, hotels, transport, communication and services related to broadcasting' is estimated to be 2.9 per cent, 1.3 per cent, 6.9 per cent and 6.9 per cent, respectively," the CSO said.
Sector-wise, GVA for 2018-19 from "agriculture, forestry and fishing" sector showed a growth of 2.9 per cent, from 5 per cent in 2017-18.
The GVA in 2018-19 from the manufacturing sector grew at 6.9 per cent, as compared to 5.9 per cent in the previous fiscal.
The mining and quarrying sector grew by 1.3 per cent against the previous year's growth rate of 5.1 per cent.
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Bengal: Murder of Suvendu aide sparks political row; BJP, TMC trade barbs
Kolkata (PTI): The murder of a close aide of BJP leader Suvendu Adhikari triggered political confrontation in West Bengal on Thursday, with the saffron camp accusing the TMC of fostering "lawlessness" and the Mamata Banerjee-led party rejecting the charge.
In a shocking development within 48 hours of the assembly poll verdict, Chandranath Rath, Adhikari's executive assistant, was shot dead in a brazen attack at Madhyamgram on Wednesday night, escalating tension in the area.
According to preliminary information, motorcycle-borne assailants intercepted Rath's vehicle near Doltala in Madhyamgram around 10.30 pm, forced it to stop and opened fire at point-blank range before fleeing.
Senior BJP leaders on Thursday alleged that the killing reflected the "complete collapse" of law and order in the state under the rule of the TMC government, which was "thrown out of power" in the assembly polls.
"A person closely associated with the leader of the opposition was targeted in a planned manner. This shows how law and order have deteriorated under the Mamata Banerjee government, which the people of Bengal have thrown out of power," a BJP leader said.
Adhikari on Thursday described the gunning down of his close aide as a "cold-blooded murder" and alleged that the killers had carried out a recce before executing the attack in North 24 Parganas district.
The Trinamool Congress dismissed the allegations and accused the BJP of attempting to politicise the incident before the investigation had progressed.
"The TMC has nothing to do with this unfortunate incident. The police are investigating the case professionally. The BJP should refrain from making baseless accusations. We are the ones who demanded a CBI probe of the killing," a senior Trinamool leader said.
The Congress demanded a transparent probe and criticised both the BJP and the TMC for "turning every tragedy into a political battle".
"The focus should remain on arresting the killers and ensuring justice, not on political point-scoring," a state Congress leader said.
The CPI(M) also condemned the killing and expressed concern over the deteriorating political atmosphere in the state.
"Violence and fear have increasingly become part of Bengal's political culture under the TMC rule. The administration must act firmly and impartially. We condemn the killing and demand strict action against those involved in the crime," a senior CPI(M) leader said.
