The government on Thursday made a huge upward revision of the Gross Domestic Product (GDP) data which showed the country’s economy grew at 7.2% in 2017-18, much faster than 6.7% projected earlier.
The Central Statistics Office (CSO) revised the GDP data for 2017-18 and 2016-17 upwards 50 and 110 basis points, respectively.
As per the first revised estimates, the GDP growth for 2017-18 stood at 7.2%, compared to the 6.7% estimated earlier. For 2016-17, the year higher value currency was demonetised, the GDP growth has been revised to 8.2% as compared to 7.1% estimated earlier. This is the second revised estimate for that year.
The upward revision came even as “successive shocks of demonetization and the GST” were said to have a serious impact on growth. GST was implemented from July 2017, while demonetization was announced in November 2016 by the government.
“Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2% during 2017-18 and 8.2% during 2016-17,” the CSO said.
The CSO released the first revised GDP estimates for 2017-18 and also second and third revisions to growth estimates for previous years.
“The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May, 31, 2018,” the CSO said.
The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17.
The data showed the rise in investments during 2017-18 with the rate of Gross Savings to Gross National Disposable Income estimated at 30.1% as against 29.9% in the previous year.
RISING AGAIN
- For 2016-17, the year of demonetization, the GDP growth has been revised to 8.2%
- Gross Savings to Gross National Disposable Income rate estimated at 30.1%
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The upward revision came even as “successive shocks of demonetization and the GST” were said to have a serious impact on growth. GST was implemented from July 2017, while demonetization was announced in November 2016 by the government.
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