The Central Statistical Office has released the data related to gross domestic product (GDP) and employment on Friday. The country's GDP rate has declined in the fourth quarter. In January-March, the GDP rate has come down to 5.8 percent. In the last 9 months, the decline in GDP rates has been recorded in the country due to slowdown in key sectors such as agriculture, industry and manufacturing.
At the same time, growth rate decreased to 6.8 percent in FY 2018-19, which is the lowest in the last five years. Although the GDP rate was 6.5 per cent in March quarter and growth rate of 7.1 per cent in FY2019. Earlier, in the fourth quarter of fiscal year 2017-18, the country's GDP growth rate was 7.7 percent.
At the same time, the country's fiscal deficit in the fiscal year 2018-19 was 3.4 percent of GDP. This rate is lower than the revised estimate of 3.40 percent of the budget. The reason for the fiscal deficit budget being lower than the revised estimate is that the increase in revenue and expenditure in other items other than tax is less.
Based on the data of the Central Statistics Office, it can be said that the fiscal deficit at the end of March 31, 2019 was Rs 6.45 lakh crore, while the revised forecast for the fiscal deficit was Rs 6.34 lakh crore. This time, the figure of fiscal deficit has increased, but compared to the GDP figures, it has been 3.39 percent.
The growth rate of agriculture, forestry and fisheries sector was recorded at 2.9 percent in the financial year 2018-19, compared to five percent recorded last year. The expenditure during this financial year was 23.1 trillion, while its target was 24.1 trillion.
At the same time, according to the unemployment figures released by the labor ministry, the unemployment rate was 6.1 percent in 2017-18, which is the highest in 45 years. However, the government has clarified that due to the change in method of these data, they can not be compared to the previous figures. According to statistics, unemployment is high in men compared to women. Men's unemployment rate at the country level is 6.2, while women's unemployment rate is 5.7 percent.
PM Modi and Finance Minister will take effective steps: Congress
After the figures of decline in the rate of growth and unemployment reached the highest of 45 years, the Congress said that Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman will take effective steps to resolve this problem.
Congress spokesman Randeep Surjewala said, "Economic growth has come down and there are two major challenges before the country in the unemployment largely," he said. "We hope that the Prime Minister and Finance Minister, to accelerate the growth engine and create jobs Will prepare a short term and long term framework for strategy. "
