India’s gross domestic product (GDP) grew at 7 percent in the October-December quarter of the fiscal year 2016-17 as compared to 7.3 percent in the previous quarter. The Central Statistics Office, in its second advance estimate, forecasted growth for the fiscal at 7.1 percent, after factoring in the note ban impact. This is in line with its first advance estimate. For the second quarter of 2016-17, the CSO estimated GDP growth at 7.4 percent.
As per CSO data, GDP at constant (2011-12) prices in Q3 of 2016-17 is estimated at Rs 30.28 lakh crore, as against Rs 28.31 lakh crore in Q3 of 2015-16, showing a growth rate of 7.0 percent. GVA at basic prices at constant (2011-12) prices in Q3 of 2016-17 is estimated at Rs 28.02 lakh crore, as against Rs 26.28 lakh crore in Q3 of 2015-16, showing a growth rate of 6.6 percent over the corresponding quarter of previous year.
The ‘agriculture, forestry and fishing’ sector is likely to show a growth of 4.4 per cent in its GVA during 2016-17, as against the previous year’s growth rate of 0.8 per cent. The growth in the GVA at basic prices for 2016-17 from ‘mining and quarrying’ sector is estimated to be 1.3 percent as compared to growth of 12.3 percent in 2015-16. The growth in the GVA at basic prices for 2016-17 from ‘manufacturing’ sector is estimated to be 7.7 percent as compared to growth of 10.6 percent in 2015-16. GVA at basic prices for 2016-17 from ‘Electricity, gas, water supply and other utility services’ sector is estimated to grow by 6.6 percent, as compared to growth of 5.1 percent in 2015-16. GVA at basic prices for 2016-17 from ‘Construction’ sector is estimated to grow by 3.1 percent as compared to growth of 2.8 percent in 2015-16.
GDP at current prices in Q3 of 2016-17 is estimated at Rs 38.14 lakh crore, as against Rs 34.47 lakh crore in Q3 of 2015-16, showing a growth rate of 10.6 percent. GVA at current basic prices in Q3 of 2016-17 is estimated at Rs 34.90 lakh crore, as against Rs 31.71 lakh crore in Q3 of 2015-16, showing a growth of 10.1 percent.
Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs 88.40 lakh crore in 2016-17 as against Rs 79.00 lakh crore in 2015-16. At constant (2011-12) prices, the PFCE is estimated at Rs 68.26 lakh crore in 2016-17 as against Rs 63.66 lakh crore in 2015-16. Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 17.23 lakh crore in 2016-17 as against Rs 14.12 lakh crore in 2015-16. At constant (2011-12) prices, the GFCE is estimated at Rs 12.91 lakh crore in 2016-17 as against Rs 11.03 lakh crore in 2015-16. Gross Fixed Capital Formation (GFCF) at current prices is estimated at Rs 40.97 lakh crore in 2016-17 as against Rs 39.89 lakh crore in 2015-16. At constant (2011-12) prices, the GFCF is estimated at Rs 35.55 lakh crore in 2016-17 as against Rs 35.35 lakh crore in 2015-16.
