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India's GDP growth at 7% for note ban period; 2016-17 growth retained at 7.1%

India's Annual Economic Growth Slowed To 7.0 Per Cent In The Three Months Through December From A Revised 7.4 Percent Expansion In The Previous Quarter, Government Data Showed On Tuesday.

News Nation Bureau | Edited By : Arshi Aggarwal | Updated on: 28 Feb 2017, 07:12:18 PM
India's GDP growth 7 per cent for demonetisation period in Oct Dec 2016 (Representative Image)

New Delhi:

India's annual economic growth slowed to 7.0 per cent in the three months through December from a revised 7.4 percent expansion in the previous quarter, government data showed on Tuesday.

The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.9 per cent in 2015-16.

In a statement, the CSO said Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in 2016-17 is likely to attain a level of Rs 121.65 lakh crore, as against the first revised estimate of GDP for 2015-16 of Rs 113.58 lakh crore, released in January 2017.

"The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.9 per cent in 2015-16," it said.

Real GVA (Gross Value Added) is anticipated to increase from Rs 104.70 lakh crore in 2015-16 to Rs 111.68 lakh crore in 2016-17.
"Anticipated growth of real GVA at basic prices in 2016-17 is 6.7 per cent against 7.8 per cent in 2015-16," the release said.

The 'agriculture, forestry and fishing' sector is likely to show 4.4 per cent growth in its GVA during 2016-17, as against the previous year's growth of 0.8 per cent.

The second advance estimates of National Income, 2016-17, revealed that the growth in the GVA from 'manufacturing' sector is estimated to be 7.7 per cent compared to 10.6 per cent in 2015-16.

Commenting on the data, Economic Affairs Secretary Shaktikanta Das said this year growth figures are on a high base of last fiscal and numbers "do not show much negative impact of demonetisation".

The per capita net national income (current price) during 2016-17 is estimated to be Rs 1,03,818 showing a rise of 10.2 per cent compared to Rs 94,178 during 2015-16 with the growth rate of 8.9 per cent.

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.

In terms of GDP, the rates of PFCE at current and constant prices during 2016-17 are estimated at 58 per cent and 56.1 per cent, respectively, as against the correspondingrates of 57.8 per cent and 56.1 per cent, respectively in 2015-16.

The data further revealed that 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 last fiscl.

At constant prices, the GFCF is estimated at Rs 35.55 lakh crore in 2016-17 as against Rs 35.35 lakh crore year-on-year.

"In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2016-17 are estimated at 26.9 per cent and 29.2 per cent, respectively, as against the corresponding rates of 29.2 per cent and 31.1 per cent, respectively in 2015-16," the CSO said.

The GFCF is expected to register growth rate of 2.7 per cent at current prices and 0.6 per cent at constant prices.

(With Inputs from PTI)

Infrastructure output growth

 Meanwhile, India's annual infrastructure output growth slowed to 3.4 percent in January from 5.6 percent in the previous month on a fall in refinery production and a deeper contraction in cement output, government data showed on Tuesday.

In a statement on Tuesday, the Central Statistics Office said, “Agriculutre and allied sector growth estimated at 4.4 per cent in 2016-17, up from 0.8 per cent last fiscal. Advance GDP growth estimate for current fiscal pegged at 7.1 per cent, the same as projected earlier.”

The output growth came in at 4.8 percent for the first 10 months of the current fiscal year, which ends in March 2017.

Refinery output fell 1.5 percent year-on-year last month, compared with a 6.4 percent growth in the previous month.

India's fiscal deficit

 India's fiscal deficit in the first 10 months to January was 5.64 trillion rupees ($84.56 billion) or 105.7 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Tuesday.

The fiscal deficit was 95.8 percent of the full-year target during the same period a year ago.

Net tax receipts in the first 10 months of 2016/17 fiscal year were 8.16 trillion rupees, the data showed.

Updates:

#Aware of reports about some ATMs that dispensed fake currency, cannot say anything on it as the matter is under Police investigation: Das

#People projected negative impact of #DeMonetisation on GDP, but it's not so we maintained growth at 7%: Eco Affairs Secy Shaktikanta Das

#GDP growth -2nd advance estimates- for 2016-17 put at 7.1 % by CSO today. Presser by TCA Anant , Secy MoSPI & GC Manna, DG, CSO at PIB

#Q3 estimates - Oct to Dec 2016 - for GDP growth put at 7 % by CSO

#The national income (at current prices) is likely to be 134.86 lakh Cr during 2016-17, as against 120.83 lakh Cr for 2015-16

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First Published : 28 Feb 2017, 06:08:00 PM

Related Tags:

GDP Demonetisation

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