Govt Says GDP to Grow 7.1% in 2016-17, But There’s A Catch
The CSO used data of the first seven months to extrapolate for the full fiscal.
The Indian economy is expected to grow at 7.1 percent this fiscal, according to an official advance estimate for the year released on Friday, but without taking into consideration the impact of demonetisation. The actual expansion in the first six months of 2016-17 stood at 7.1 percent.
According to the estimate of national income for 2016-17 released by the Central Statistics Office (CSO), the country's gross domestic product will grow at 7.1 percent in 2016-17 compared to 7.6 percent in 2015-16.
Releasing the advance estimate on national income, India's Chief Statistician TCA Anant said:
The CSO has primarily used seven-month data to extrapolate for the full fiscal.
The anticipated growth of real GVA (gross value added, which excludes taxes and subsidies) in 2016-17 is 7 percent against 7.2 percent in 2015-16, said an official statement.
The GVA at basic prices for 2016-17 for manufacturing sector is estimated to grow by 7.4 percent as compared to 9.3 percent in 2015-16.
The agriculture, forestry and fishing sector is likely to show a growth of 4.1 percent in its GVA during 2016-17, as against the previous year's growth rate of 1.2 per cent.
The estimated growth in GVA for financial, insurance, real estate and professional services sector during 2016-17 is placed at 9.0 percent as compared to growth of 10.3 percent in 2015-16.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)