The government had recently updated the base year to calculate Gross Domestic Product (GDP) to 2011-12 from 2004-05.
Economy is likely to grow at a faster pace of 7.4% in the current fiscal as against 6.9 per cent in 2013-14, according to government's advance estimates for GDP based on the new calculation methodology.
The data further said economy grew by 7.5% in the September-December quarter of the current fiscal after a growth rate of 8.2% in the preceding quarter.
"Real GDP or GDP at constant (2011-12) prices in the year 2014-15 is likely to attain a level of Rs 106.57 lakh crore, as against the First Revised Estimate of GDP for the year 2013-14 of Rs 99.21 lakh crore, released on 30th January 2015.
"The growth rate in GDP during 2014-15 is estimated at 7.4% as compared 6.9% in 2013-14," the Central Statistics Office (CSO) said.
The sectors which registered a growth rate of over 7% are financial, real estate and professional service; trade, hotels, transport, communication and services related to broadcasting; public administration, defence and other services; and electricity, gas, water supply and other utility services.
Growth in the agriculture, forestry and fishing; mining and quarrying; construction and manufacturing' is estimated to be 1.1%, 2.3%, 4.5% and 6.8%, respectively.
The government had recently updated the base year to calculate Gross Domestic Product (GDP) to 2011-12 from 2004-05.
The data further showed that GDP at current prices in 2014-15 is likely to attain a level of Rs 126.54 lakh crore, up 11.5% from Rs 113.45 lakh crore in 2013-14.
The per capita net national income during 2014-15 is estimated to be Rs 88,538, up 10.1% as compared to Rs 80,388 during 2013-14 with the growth rate of 12.3%.
At constant prices, the per capita income (at 2011-12 prices) during 2014-15 is likely to attain a level of Rs 74,193 as compared to Rs 69,959 in 2013-14. The growth rate in per capita income is estimated at 6.1% as against the previous estimate of 5.4%.
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