CSO revises FY16 GDP growth up to 8.2%, FY17 unchanged at 7.1%
BusinessToday.in January 31, 2018
The Central Statistics Office (CSO) on Wednesday released the first revised estimates of national income, consumption expenditure, saving and capital formation for the financial year 2016-17 along with second revised estimates for 2015-16 and third revised estimates for the financial year 2014-15 (with Base Year 2011-12). As per the CSO, the GDP at constant (2011-12) prices for 2016-17 and 2015-16 stands at Rs 121.96 lakh crore and Rs 113.86 lakh crore, respectively, showing growth of 7.1 per cent during 2016-17 and 8.2 per cent during 2015-16.
As per the revised data, nominal GDP at current prices for 2016-17 is estimated as Rs 152.54 lakh crore while that for 2015-16 is estimated as Rs 137.64 lakh crore, exhibiting a growth of 10.8 per cent during 2016-17 as against 10.4 per cent during 2015-16.
The first revised estimates for 2016-17 have been compiled using industry-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May 31, 2017. The estimates of the GDP and other aggregates for 2014-15 and 2015-16 have undergone revision due to the use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries (ASI): 2015-16; and final results of ASI: 2014-15; government expenditure (replacing revised estimates with actual for 2015-16); and also more comprehensive data from source agencies and state/UT directorates of economics and statistics.
At the aggregate level, nominal GVA at basic prices increased by 10.1 per cent during 2016-17 as against 9.2 per cent during 2015-16. In terms of real GVA, i.e., GVA at constant (2011-12) basic prices, there has been a growth of 7.1 per cent in 2016-17, as against growth of 8.1 per cent in 2015-16.
The growth in real GVA during 2016-17 has been lower than that in 2015-16 mainly due to lower growth in manufacturing (7.9 per cent), construction (1.3 per cent), transport, storage, communication and services related to broadcasting (4.3 per cent), trade, repair, hotels and restaurants (8.9 per cent), financial services (1.3 per cent) and real estate, ownership of dwelling and professional services (8 per cent).
At constant prices, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 7.4 per cent, 6.1 per cent and 7.5 per cent during 2016-17 as against a growth of 2.6 per cent, 9.4 per cent and 9.6 per cent, respectively, in the previous year.
Per capita net national income at current prices is estimated as Rs 94,731 and Rs 1, 03, 870, respectively for 2015-16 and 2016-17. Correspondingly, per capita PFCE at current prices for 2015-16 and 2016-17 is estimated at Rs 63,065 and Rs 69,322, respectively.