TIWN
New Delhi, Jan 7 (TIWN) The Statistics Ministry will release the first advance estimates of National Income, or GDP, data 2019-20 on January 7 amidst an over six-year low growth of 4.5 per cent registered in the July-September period, and 5 per cent GDP growth in the first quarter of the fiscal, official sources said on Monday.
With growth decelerating, the Reserve Bank of India (RBI), at its December monetary policy review, pegged India''s economic growth forecast down to 5 per cent.
The advance estimates are compiled using the Benchmark-Indicator method where sector-wise estimates are obtained by extrapolation of indicators like the Index of Industrial Production (IIP) in the first seven months of the fiscal, financial performance of the listed private companies up to the quarter ending September, the first advance estimates of crop production, accounts of Central and state governments, indicators of deposits of credits, passenger and freight earnings of the railways, civil aviation and ports, and sales of commercial vehicles, among others, available for the first eight months of the fiscal.
With the introduction of the Goods and Services Tax (GST) from July 1, 2017, and consequent changes in the tax structure, the total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.
For the year 2019-20, the Budget estimates of tax revenue as provided by the Controller General of Accounts (CGA) will be used for estimating taxes on products at current prices.
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals