Central Statistics Office (CSO) has marginally revised India’s Gross Domestic Product (GDP) growth rate to 7.9 per cent from 7.6 percent estimated earlier for the financial year 2015-16. This upward revision in GDP estimates is mainly due to use of more recent data such as agricultural and industrial production.
As per the data released by CSO, 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. 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 statistics department has stated that, for 2012-13 to 2014-15, the estimates of GDP and other aggregates have also undergone revision due to use of latest available data on agricultural production and industrial production. It also said the Gross Value Added (GVA) at constant (2011-12) basic prices grew at 7.8 per cent in 2015-16 as compared to 6.9 per cent in 2014-15. Last year, it had projected GDP growth rate for 2015-16 and 2014-15 at 7.6 per cent and 7.2 per cent, respectively.
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). Further, 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.