The revised GDP growth for the fiscal year 2016-2017 has been kept unchanged at 7.1%, while the growth rate for the fiscal year 2015-2016 has been revised upwards to 8.2% from 8%. According to the government data, India’s economic growth in the FY17 was 7.1% as against 8% in the previous fiscal. The advanced GDP estimate for FY 17 was also pegged at 7.1% in February.
The Gross Value Added (GVA) which slipped sharply to 6.6% in FY17, however, has been revised upwards. The GVA in the fiscal year 2015-16 was 7.9%. Based on these revised estimates the CSO will revise the GDP and GVA of the FY18 for the second advanced data in February. Earlier this month, the CSO has estimated an advanced growth rate of 6.5% in the fiscal year 2017-2018, lowest under the Narendra Modi government.
“The estimates of GDP and other aggregates for the years 2014-15 and 2015-16 have undergone revision due to use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries,” the CSO said.
The nominal GDP for FY17 is estimated at Rs 152.54 lakh crore, while for FY16, it has been estimated at Rs 137.65 lakh crore, showing a growth rate of 10.8% in FY17 and 10.4 in FY16. The GVA in FY17 has been lower due to slow growth in manufacturing at 7.9%, construction at 1.3%, transport, storage, communication & services related to broadcasting at 4.3%, trade, repair, hotels and restaurants at 8.9% and others. The Per Capita Income at current prices has been estimated at Rs 94,731 for FY16 and Rs 1,03,870 for FY17.