The Narendra Modi government on Tuesday has estimated India's GDP growth during fiscal 2019-20 at 5 percent as compared to 6.8 percent in the year-ago period, according to the first advance estimates released by the Central Statistics Ministry.

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The CNBC-TV18 survey has estimated the reading at 5.05 percent.

The decline has been mainly on account of deceleration in manufacturing sector growth, which is expected to come down to 2 per cent in 2019-20 from 6.2 per cent in the year-ago fiscal.

According to the government data, the sectors which registered growth rate of over 4.9 percent are, 'electricity, gas, water supply and other utility services’, ‘trade, hotels, transport, communication and services related to broadcasting’, 'financial, real estate and professional services’ and ‘public administration, defence and other services’ at 5.4 percent, 5.9 percent, 6.4 percent, 9.1 percent respectively.

The sectors which registered growth rate below 3 percent are 'agriculture, forestry and fishing’, ‘mining and quarrying’, ‘manufacturing’ and ‘construction’ is estimated to be 2.8 percent, 1.5 percent, 2.0 percent and 3.2 percent respectively, the government said.

Manufacturing

GVA at Basic Prices for 2019-20 from ‘Manufacturing’ sector is estimated to grow by 2.0 percent as compared to growth of 6.9 percent in 2018-19.

Agriculture, Forestry and Fishing

GVA at Basic Prices for 2019-20 from 'Agriculture, Forestry and Fishing' sector is estimated to grow by 2.8 percent as compared to growth of 2.9 percent in 2018-19.

Mining and Quarrying

GVA at Basic Prices for 2019-20 from ‘Mining and Quarrying’ sector is estimated to grow by 1.5 percent as compared to growth of 1.3 percent in 2018-19.

Electricity, Gas, Water Supply and Other Utility Services

GVA at Basic Prices for 2019-20 from ‘Electricity, Gas, Water Supply and Other Utility Services’ sector is expected to grow by 5.4 percent as compared to growth of 7.0 percent in 2018-19.

Construction

GVA at Basic Prices for 2019-20 from ‘Construction’ sector is expected to grow by 3.2 percent as compared to growth of 8.7 percent in 2018-19.

Trade, Hotels and Transport & Communication and Services related to Broadcasting

The estimated growth in GVA for the Trade, Hotels, Transport and Communication and Services related to Broadcasting services during 2019-20 is placed at 5.9 percent as against growth of 6.9 percent in the previous year.

Financial, Real Estate and Professional Services

The estimated growth in GVA for this sector during 2019-20 is placed at 6.4 percent as compared to growth of 7.4 percent in 2018-19.

Public Administration and Defence and Other Services

GVA at Basic Prices for 2019-20 from this sector is expected to grow by 9.1 percent as compared to growth of 8.6 percent in 2018-19.

A Prasanna, the chief economist at I-Sec PD, said, "Our estimate was 5.1 percent. However, 5 percent is within the range of estimates one would have expected. Obviously, they are working with a limited set of data, so this should just be considered as the first guess for this year."

Indranil Pan, the chief economist at IDFC First Bank, said, "In terms of our own estimates, we are bang on and therefore I do not have a problem in terms of the numbers that have come out."

First Published:Jan 7, 2020 5:34 PM IST