India became the fastest growing nation in the world for the January-March quarter, as the nation’s gross domestic product (GDP) grew 7.9 per cent in the fourth quarter, against a projected 7.7 per cent. The robust fourth quarter growth led to GDP posting 7.6 per cent growth in 2015-16, up from 7.2 per cent a year ago. Though, the annual growth rate remained the same, quarterly economic expansion changed in 2015-16 compared to earlier estimates.
As per the data released by the Central Statistics Office (CSO), real GDP or GDP at constant (2011-12) prices for the year 2015-16 is now estimated at Rs 113.50 lakh crore (Rs 113.51 lakh crore estimated earlier on 8th February, 2016), showing a growth rate of 7.6 percent (similar to 7.6 percent estimated earlier) over the First Revised Estimates of GDP for the year 2014-15 of Rs 105.52 lakh crore, released on 29th January 2016.
Real GVA, i.e, GVA at basic constant (2011-12) prices for the year 2015-16 is now estimated at Rs 104.27 lakh crore (as against Rs 104.38 lakh crore estimated earlier on 8th February, 2016), showing a growth rate of 7.2 percent (as against 7.3 percent estimated earlier over the First Revised Estimates of GVA for the year 2014-15 of Rs 97.27 lakh crore, released on 29th January 2016.
The sectors which registered growth rate of over 7.0 percent were financial, real estate and professional services, posting growth of 10.3 percent, manufacturing 9.3 percent, trade, hotels, transport, communication and services related to broadcasting growing by 9.0 percent, and mining and quarrying showing growth of 7.4 percent. The growth in the agriculture, forestry and fishing, construction, electricity, gas, water supply & other utility services, public administration, defence and other services was estimated to be 1.2 per cent, 3.9 per cent, 6.6 per cent and 6.6 percent respectively.
The GDP grew 7.5 per cent in the first quarter of 2015-16, against 7.6 per cent projected in advance estimates; 7.6 per cent in the second quarter, against a projected 7.7 per cent; 7.2 per cent in the third quarter, against a projected 7.3 per cent; and 7.9 per cent in the fourth quarter, against a projected 7.7 per cent. Nominal GDP growth climbed to 10.4 per cent in the fourth quarter, from 9.1 per cent in the third quarter, pointing to inflationary pressure building up. The GDP growth rate of 7.6 per cent in 2015-16 is the highest in the new series.
The Gross National Income (GNI) at 2011-12 prices is now estimated at Rs 112.13 lakh crore (as against Rs 112.14 lakh crore estimated on 8th February 2016), during 2015-16, as against the previous year’s First Revised Estimate of Rs 104.28 lakh crore. In terms of growth rates, the gross national income is estimated to have risen by 7.5 percent during 2015-16, in comparison to the growth rate of 7.3 percent in 2014-15.
The per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77435 as compared to Rs72,889 for the year 2014-15. The growth rate in per capita income is estimated at 6.2 percent during 2015-16, as against 5.8 percent in the previous year.
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