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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Messi scores, but Inter Miami only gets 2-2 tie with Austin FC in opener of new stadium
Miami (AP): Lionel Messi scored on the long-awaited opening night in his new home stadium. And Luis Suarez found a way to tie things up late in the second half.
It was good enough to salvage a point for Inter Miami.
Messi scored on a header in the 10th minute, Suarez hammered home a volley in the 82nd minute and Inter Miami escaped with a 2-2 tie against Austin FC in the defending MLS champions' first match at their still-under-construction stadium near Miami International Airport on Saturday night.
Inter Miami (3-1-2) is now unbeaten in its last five MLS matches, and Austin (1-2-3) is now winless in its last four contests.
MLS Commissioner Don Garber was at the match, lauding the work that David Beckham — who picked Miami 13 years ago — did to get to this day. Inter Miami is in its seventh MLS season, its third with Messi, but has played home matches in Fort Lauderdale until now.
Garber touted the stadium opening as the latest sign of growth for MLS.
“I think our best days are still ahead," Garber said. "David shined a light on our league, and Leo's taking that torch, and he's showing it around. And we're getting calls from players around the world.”
The Herons never led; Austin took a 1-0 lead on Guilherme Biro's goal — the first ever at Nu Stadium — in the sixth minute, and the visitors went up 2-1 when speedy reserve Jayden Nelson scored in the 53rd minute.
Messi and Suarez both got tying goals, and Inter Miami missed some chances for a potential winner in the final minutes. Maybe the best of the lot: Mateo Silvetti's chance in the 87th minute, when he accepted a cross from the right wing and tried to one-time the ball but sent it sailing high.
“We already know what Leo is capable of and the trouble he causes for the opposition, and even without the ball as well,” Inter Miami defender Maxi Falcon told Apple TV after the match. “And Luis, too — whenever he's inside the box, he's lethal, and he proved that once again.”
Suarez thought he scored in the 90th minute after a free kick from Messi, but the play was called offside. And Messi had a chance about three minutes later from inside the box, but Brad Stuver got low for a save diving to his left to keep the game knotted at 2-2.
Stuver said it was a great result, especially given the circumstances — against the MLS champs, who were opening their new stadium.
“We got to be the villains,” Stuver said.
Austin led much of the second half, after Nelson came on at intermission and gave his club a spark.
Nelson — who played for Vancouver against Inter Miami in last season's MLS Cup final — got behind the defense, avoided going offside and took a pass from Myrto Uzuni in the middle of the field about 30 yards from the goal.
He sent a low shot that got past charging Inter Miami goalie Dayne St. Clair and kissed off the inside of the left goalpost before settling into the net.
