By TIOL News Service

NEW DELHI, MAY 30, 2020: THE Quarterly Estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2019-20, both at Constant (2011-12) and Current Prices along with the corresponding quarterly estimates of expenditure components of GDP are also released yesterday.

In view of the global COVID-19 pandemic and consequent nationwide lockdown measures implemented since March, 2020; the data flow from the economic entities has been impacted. As some of these units are yet to resume operations and owing to the fact that the statutory time-lines for submitting the requisite financial returns have been extended by the Government, these Estimates are based on the available data. Consequently, the Estimates (Quarterly as well as Annual) are likely to undergo revision.

The Second Advance Estimates (SAE) of National Income for the year 2019-20 were released on February 28, 2020. These estimates have now been revised incorporating latest estimates of Agricultural Production, Index of Industrial Production (IIP) and performance of key sectors like, Railways, Transport other than Railways, Communication, Banking, Insurance and Government Revenue Expenditure. With the introduction of Goods and Services Tax (GST) from 1 st July 2017 and consequent changes in the tax structure, the total Tax Revenue used for GDP compilation includes Non-GST Revenue and GST Revenue. For obtaining Taxes on Products at Constant Prices, volume extrapolation is done using volume growth of taxed goods and services and aggregated to get the total volume of taxes. Early results on the performance of Corporate Sector for April-December 2019 which were used in SAE have been revised on the basis of latest available information. Besides information on indicators like Deposits & Credits, Passenger and Freight Earnings of Railways, Passenger Traffic and Cargo Handled at Airports, Cargo Handled at Major Sea Ports, Sales of Commercial Vehicles etc., available for first 9/10 months of the financial year used in the SAE have been revised with the updated data upto March, 2020.

Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2019-20 is now estimated to attain a level of Rs 145.66 lakh crore, as against the First Revised Estimate of GDP for the year 2018-19 of Rs 139.81 lakh crore, released on January 31, 2020. The growth in GDP during 2019-20 is estimated at 4.2 per cent as compared to 6.1 per cent in 2018-19.

GDP at Current Prices in the year 2019-20 is estimated to attain a level of Rs 203.40 lakh crore, as against the First Revised Estimates of Rs 189.71 lakh crore in 2018-19, showing a growth rate of 7.2 percent as compared to 11.0 percent in 2018-19.

The Per Capita Income in real terms (at 2011-12 Prices) during 2019-20 is estimated to attain a level of Rs 94,954 as compared to Rs 92,085 in the year 2018-19, resulting in growth of 3.1 percent during 2019-20, as against 4.8 per cent in the previous year. The Per Capita Income at current prices during 2019-20 is estimated to be Rs 134,226 , showing a rise of 6.1 percent as compared to Rs 1,26,521 durin g 2018-19.

GDP at Constant (2011-12) Prices in Q4 of 2019-20 is estimated at Rs 38.04 lakh crore, as against Rs 36.90 lakh crore in Q4 of 2018-19, showing a growth of 3.1 percent.