Why in news?
- The National Statistical Office (NSO) has estimated that Gross Domestic Product (GDP) will expand by 5% in the 12month period, in line with the Reserve Bank of India’s sharp downward revision last month in its full year growth forecast from 6.1% projected earlier, to 5%.
GDP growth estimates
- Pace of growth slumped to a six and a half year low of 4.5% in the second quarter, thus dragging the first half’s expansion to 4.8%.
- NSO’s estimates also paint a picture of a distinct uptick in the final six months of the current fiscal in a key sector.
- Full year growth in Gross Fixed Capital Formation is estimated at just about 1% compared with 10% in the last fiscal year.