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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Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
