The real Gross Value Addition, a new concept introduced by CSO to measure economic growth, is projected at 7.3% in this fiscal against 7.1% in 2014-15.
According the Central Statistics Office (CSO), the Gross Domestic Product (GDP) or economic growth is estimated at 7.3% in October-December quarter of this fiscal.
Indian economy is expected to record a five-year high growth rate of 7.6% in 2015-16 on improved performance in manufacturing and farm sectors.
CSO has also revised upwards the GDP growth estimates for April-June and July-September quarters to 7.6% and 7.7% from earlier calculation of 7% and 7.4%, respectively. At 7.6%, India would be growing at the fastest pace in the last five years. The previous high was recorded at 8.9% in 2010-11.
The real Gross Value Addition, a new concept introduced by CSO to measure economic growth, is projected at 7.3% in this fiscal against 7.1% in 2014-15. The manufacturing sector is estimated to grow at 9.5% in 2015-16, up from 5.5% a year ago.
Similarly, in case of agriculture sector, the growth has been projected at 1.1% as against decline of 0.2% a year ago. The growth of mining and quarrying sector, electricity and power supply and other services is likely to witness deceleration during the current financial year.
Commenting on the GDP data, Economic Affairs Secretary Shaktikanta Das said, "The direction of the numbers is very positive. The policy and reform measure the government has undertaken in last one and a half years are beginning to show results."
According to the data, the Gross Value Added (GVA) grew at 7.1% in third quarter of this fiscal compared to 6.7% in the same period a year ago. The GVA for the farm sector contracted one% in October-December quarter compared to decline of 2.4% in the same period a year ago.
However, the GVA for manufacturing sector grew at 12.6% in the third quarter as against a growth of 1.7% in the same three month period a year ago. Similarly, the GVA for mining and quarrying sector grew at 6.5% in the quarter under review compared to 9.1% growth in same period a year ago.
The GVA growth for electricity, gas, water supply and other utility services too slowed down to 6% from 8.8% in same quarter a year ago. The GVA for construction grew at 4% in the quarter compared to 4.9% in same period in 2014-15.
However, the GVA for trade, hotels, transport, communication and services related to broadcasting grew at 10.1% in third quarter compared to 6.2% in same period a year ago. Financial, real estate and professional services grew at 9.9% in third quarter this fiscal compared to 12.1% a year ago. Public administration, defence and other services grew at 7.5% in the three month period compared to 25.3% a year ago.
CSO estimated that the per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77,431 as compared to Rs 72,889 for the year 2014-15. The growth rate in per capita income is estimated at 6.2% during 2015-16 as against 5.8% in the previous year.
Gross Fixed Capital Formation (GFCF), a barometer of investment, is estimated at Rs 39.82 lakh crore at current prices in 2015-16 as against Rs 38.44 lakh crore in 2014-15. At constant (2011-12) prices, the GFCF is estimated at Rs 35.88 lakh crore in 2015-16 as against Rs 34.08 lakh crore in 2014-15.
In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2015-16 are estimated at 29.4% and 31.6%, respectively, as against the corresponding rates of 30.8% and 32.3%, respectively in 2014-15.
The GFCF is expected to register growth rate of 3.6% at current prices and 5.3% at constant prices. The rate of expenditure on valuables at current prices is same as 1.5% in 2015-16 and 2014-15.
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