Govt keeps FY17 GDP growth unchanged at 7.1%, revises FY16 GDP growth upwards to 8.2%

01 Feb 2018 Evaluate

The government in its first revised estimates has kept the Gross Domestic Product (GDP) growth rate for fiscal year 2016-17 unchanged at 7.1% and revised the GDP growth rate for 2015-16 to 8.2% from the earlier estimates of 8%. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the first revised estimates for the financial year 2016-17 along with second revised estimates for the financial year 2015-16 and third revised estimates for the financial year 2014-15 (with base year 2011-12). The CSO said that the first revised estimates for 2016-17 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May 31, 2017.

As per the data released by CSO, Real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs 121.96 lakh crore and Rs 113.86 lakh crore, respectively, showing growth of 7.1% during 2016-17 and 8.2% during 2015-16. The second revised estimates showed that the country’s GDP grew 8.2% in 2015-16 compared with the preliminary forecast of 8%. Under the third revision, the CSO has estimated GDP growth in 2014-15 at 7.4% from earlier estimates of 7.5%.

In terms of real Gross Value Added (GVA), it said the GVA at constant (2011-12) basic prices grew 7.1% in 2016-17, as against a growth of 8.1% in 2015-16. According to advance GDP estimates of CSO, the GVA growth on 2011-12 price was estimated at 6.6% for 2016-17. 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%), ‘construction’ (1.3%), ‘transport, storage, communication & services related to broadcasting’ (4.3%), ‘trade, repair, hotels and restaurants’ (8.9%), ‘financial services’ (1.3%) and ‘real estate, ownership of dwelling & professional services’ (8.0%).

Regarding Net National Income (NNI), the CSO data revealed that NNI at current prices for the year 2016-17 stands at Rs 134.9 lakh crore as against Rs 121.5 lakh crore in 2015-16, showing an increase of 11.0% during 2016-17 as against an increase of 10.7% in the previous year. On the other hand, Per Capita Income, i.e., Per Capita Net National Income at current prices, is estimated as Rs 94,731 and Rs 1,03,870 respectively for the years 2015-16 and 2016-17. Correspondingly, Per Capita Private Final Consumption Expenditure (PFCE) at current prices, for the years 2015-16 and 2016-17 is estimated at Rs 63,065 and Rs 69,322 respectively.

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