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India's GDP growth estimated at 7.1 per cent in 2016-17 compared to 7.6 per cent in 2015-16

India's GDP growth estimated at 7.1 per cent in 2016-17 compared to 7.6 per cent in 2015-16

India Blooms News Service | | 07 Jan 2017, 04:01 pm
New Delhi, Jan 7 (IBNS): India's GDP growth during 2016-17 is estimated at 7.1 per cent compared to the growth rate of 7.6 per cent in 2015-16, reported the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, in its First Advance estimates of national income, 2016-17, published on Friday.

The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. Usually, GDP is expressed as a comparison to the previous quarter or year.

According to the CSO, Real GDP at constant (2011-12) prices in the year 2016-17 is likely to attain a level of  Rs 121.55 lakh crore, as against the Provisional Estimate of GDP for the year 2015-16 of  Rs 113.50 lakh crore, released on May 31, 2016.

Real Gross Value Added (GVA), i.e, GVA at basic constant prices (2011-12) is anticipated to increase from Rs 104.27 lakh crore in 2015-16 to Rs 111.53 lakh crore in 2016-17. Anticipated growth of real GVA at basic prices in 2016-17 is 7.0 percent against 7.2 percent in 2015-16.

According to CSO, the sectors which registered growth rate of over 7.0 percent are, 'public administration, defence and other services’, 'financial, real estate and professional services' and ‘manufacturing’.

It also said that growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘electricity, gas, water supply and other utility services’, ‘construction’ and ‘Trade, hotels, transport, communication and services related to broadcasting’ is estimated to be 4.1 per cent, (-)1.8 per cent, 6.5 percent, 2.9 per cent and 6.0 percent, respectively.

The per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to attain a level of Rs 81,805 as compared to Rs 77,435 for the year 2015-16. The growth rate in per capita income is estimated at 5.6 per cent during 2016-17, as against 6.2 per cent in the previous year.

The next release of Second Advance estimates of national income for the year 2016-17 and quarterly GDP estimate for the quarter October-December, 2016 (Q3 of 2016-17) will be on Feb 28, 2017.