Slowdown in GDP growth, estimated at 7.1 percent

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

GN Bureau | January 6, 2017


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(Illustration: Ashish Asthana)

The growth in GDP during 2016-17 is estimated at 7.1 percent as compared to the growth rate of 7.6 percent in 2015-16, according to First Advance estimates of national income at constant (2011-12) and current prices, for the financial year 2016-17.

The Central Statistics Office (CSO), ministry of statistics and programme implementation, said that Real GDP or Gross Domestic Product (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. The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.6 per cent in 2015-16.

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’.

The 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 percent, 6.5 percent, 2.9 percent and 6.0 percent respectively, said a press release.

The ‘agriculture, forestry and fishing’ sector is likely to show a growth of  4.1 percent in its Gross Value Added (GVA) during 2016-17, as against the previous year’s growth rate of 1.2 percent.'

According to the information furnished by the department of agriculture and cooperation (DAC), the production growth of food grains during the Kharif season of agriculture year 2016-17 was 8.9 percent as compared to decline of 3.2 percent during the same period in 2015-16.

The GVA at basic prices for 2016-17 from ‘manufacturing’ sector is estimated to grow by 7.4 percent as compared to growth of 9.3 percent in 2015-16. The private corporate sector has a share of around 72 percent in the manufacturing sector. The private corporate sector growth in the manufacturing sector was estimated using latest available information on major listed companies during first half of 2016-17.

The quasi corporate and unorganised segment (which include individual proprietorship and partnerships and khadi and village Industries has a share of around 23 percent in the manufacturing sector) has been estimated using IIP of manufacturing.

READ: India procures 20% of GDP publicly: World Bank


 

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