Ahead of Interim Budget 2019, Modi government revises GDP growth for 2017-18 to 7.2% from 6.7%

The Narendra Modi-led government on Thursday, a day before the scheduled date of Interim Budget 2019-20, revised its estimate of Gross Domestic Product (GDP) growth rate for the financial year 2017-18. It has been revised to 7.2 per cent for 2017-18 instead of 6.7 per cent earlier. 

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said. Earlier, the GDP growth rate for 2018-19 was pegged at 7.2 per cent by the CSO in its advance estimate.

"The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of the release of Provisional Estimates on 31st May, 2018," said the Central Statistics Office (CSO).

The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17.

During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5 per cent, 6 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year. 

With PTI Inputs