The crucial Gross Domestic Product (GDP) data released on Friday estimated the country's economic growth rate to slow down to 7.1 per cent in the current financial year, compared with 7.6 per cent in 2015-16, mainly due to slump in manufacturing, mining and construction sectors, the government data showed on Friday without factoring in 'volatile' post-demonetisation figures.
The GDP growth for 2016-17 is also closer to the 7.2 per cent rate that the economy had clocked in 2014-15. The figures released by Central Statistics Office (CSO) on Friday may reveal the harshest realities or the long-served benefits of demonetisation.
Chief Statistician Dr. T.C.A. Anant on Friday addressed media and released the First Advance estimates of GDP of 2016.
Here are the latest updates:
#So far as the taxes are concerned, we will exceed the tax targets: Shaktikanta Das, Economic Affairs Secretary
#Most of states have recorded substantial improvement in their VAT collections in the month of Nov: Shaktikanta Das, Economic Affairs Secy
#Economic survey and budget will spell out what steps the Govt will take: Shaktikanta Das,Economic Affairs Secretary
#Agriculture as expected to grow at 4.1% which is significantly higher; service sector growing as well: Shaktikanta Das, Eco Affairs Secy
#Agriculture sector to show growth of 4.1% in GVA during 2016-17, as against previous year’s 1.2%
#Per capita net national income during 2016-17 estimated to be `103,007 showing a rise of 10.4 per cent as compared to `93,293 during 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
#Per capita income during 2016-17 is expected to rise by 10.4 per cent to Rs 1,03,007 compared to last fiscal
#Anticipated growth of real Gross Value Added(GVA) at basic prices in 2016-17 is 7.0%, against 7.2% in 2015-16
What is GDP?
GDP is the total value of goods and services produced by a nation, and in December economists hinted that demonetisation – which sucked out 86% of the country’s cash – could cause a one to two percentage point dip in GDP.
Releasing the data compiled by the Central StatisticsOffice (CSO), Anant said the figures for November were available and examined but "it was felt inview of the policy of denotification of notes there is a highdegree of volatility in theses figures and conscious decisionwas taken not make projection using the November figure".
"Anticipated growth of real GVA at basic prices in2016-17 is 7 per cent against 7.2 per cent in 2015-16," the CSO said.
With PTI Inputs