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CSO revises GDP growth estimate for 2015-16 to 7.9 per cent

Revising GDP growth for 2015-16 after factoring in latest data on agriculture and industrial production, the government has now estimated it to be 7.9 per cent a notch above the 7.6 per cent estimated earlier.

India TV Business Desk, New Delhi [Published on:31 Jan 2017, 9:38 PM IST]
CSO revises GDP growth estimate for 2015-16 to 7.9 per cent
CSO revises GDP growth estimate for 2015-16 to 7.9 per cent

Revising GDP growth for 2015-16 after factoring in latest data on agriculture and industrial production, the government has now estimated it to be 7.9 per cent a notch above the 7.6 per cent estimated earlier.

"Real GDP or GDP at constant (2011-12) prices for 2015-16 and 2014-15 stands at Rs 113.58 lakh crore and Rs 105.23 lakh crore, respectively, showing growth of 7.9 per cent during 2015-16 and 7.2 per cent during 2014-15," stated the Central Statistics Office (CSO) while releasing the revised data today.

However, the figure for 2014-15 has remained unchanged at 7.2 per cent in the second revision of the national accounts for the fiscal.

The estimates of GDP and other aggregates for 2012-13 to 2014-15 have also undergone revision due to use of latest available data on agricultural production and industrial production.

Last year, CSO had estimated GDP growth rate for 2015-16 and 2014-15 at 7.6 per cent and 7.2 per cent, respectively. CSO said the Gross Value Added (GVA) at constant (2011-12) basic prices grew at 7.8 per cent in 2015-16 as against 6.9 per cent in 2014-15.

As per the revised numbers, growth in real GVA in 2015-16 has been higher than that of 2014-15, mainly due to stronger growth in agriculture, forestry and fishing (0.8 per cent), manufacturing (10.6 per cent), trade, repair, hotels and restaurants (11.6 per cent), transport, storage, communication and services related to broadcasting (9.1 per cent) and real estate, ownership of dwelling and professional services (12.6 per cent).

In 2015-16, at constant prices, the growth of primary (agriculture, forestry, fishing and mining and quarrying), secondary (manufacturing, electricity, gas, water supply and other utility services and construction) and tertiary (services) sectors has been pegged at 2.6 per cent, 7.8 per cent and 9.8 per cent as against a growth of 1.8 per cent, 6.1 per cent and 9.5 per cent, respectively, in the previous year.

Per capita net national income at current prices is estimated at Rs 86,513 and Rs 94,178, respectively, for 2014-15 and 2015-16.

Per capita PFCE (private final consumption expenditure) at current prices is estimated at Rs 57,402 and Rs 61,571 for 2014-15 and 2015-16, respectively.


 

(With PTI inputs)