GDP growth in 2017-18 estimated at 6.5%

ANI | Updated: Jan 05, 2018 18:50 IST

New Delhi [India], Jan 5 (ANI): The growth in Gross Domestic Product (GDP) during 2017-18 is estimated at 6.5 per cent, as compared to the growth rate of 7.1 per cent in 2016-17, the Ministry of Statistics and Programme Implementation noted on Friday.

As per data released by the Central Statistics Office (CSO), Real GDP at constant (2011-12) prices in the year 2017-18 is likely to attain a level of Rs 129.85 lakh crore, as against the Provisional Estimate of GDP for the year 2016-17 of Rs 121.90 lakh crore, released on May 31, 2017.

On the other hand, Gross Value Added (GVA) at basic constant prices (2011-12) is anticipated to increase from Rs 111.85 lakh crore in 2016-17 to Rs 118.71 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.1 per cent, as against 6.6 per cent in 2016-17, the data revealed.

The sectors which registered a growth rate of over 7.0 per cent are, public administration, defence and other services, trade, hotels, transport, communication and services related to broadcasting, electricity, gas, water supply and other utility services and financial, real estate and professional services.

The agriculture, forestry and fishing sector is likely to show a growth of 2.1 per cent in its GVA during 2017-18, as against the previous year's growth rate of 4.9 per cent. The GVA estimates of this sector have been compiled using the First Advance Estimates of production of major kharif crops for 2017-18 and targets based on Rabi sowings.

According to information furnished by the Department of Agriculture and Cooperation (DAC), the production of food grains during the Kharif season of agriculture year 2017-18 was 134.67 million tonnes as compared to 138.52 million tonnes during the same period in 2016-17.

GVA at basic prices for 2017-18 from 'manufacturing' sector is estimated to grow by 4.6 per cent as compared to growth of 7.9 per cent in 2016-17. The private corporate sector growth (which has a share of over 70 per cent in the manufacturing sector) as estimated from available data of listed companies is 7.4 per cent at current prices during 2017-18.

The quasi corporate and unorganised segment (which include individual proprietorship and partnerships and khadi and village Industries has a share of around 21percent in the manufacturing sector) has been estimated using IIP of manufacturing. IIP manufacturing registered growth of 2.1 per cent during April-October, 2017-18.

The Wholesale Price Index (WPI), in respect of the manufactured products registered a growth of 2.6 per cent during April-November, 2017-18.

The estimated growth in GVA for the trade, hotels, transport and communication and services related to broadcasting services during 2017-18 is placed at 8.7 per cent as against growth of 7.8 per cent in the previous year.

Furthermore, the estimated growth in GVA for the financial, insurance, real estate and professional services sector during 2017-18 is placed at 7.3 per cent as compared to growth of 5.7 per cent in 2016-17. The key indicators of this sector are the growth of corporate sector for real estate sector and computer related activities. The combined growth in aggregate bank deposits and credits as on November 10, 2017, was 8.4 per cent.

The WPI in respect of the groups - food articles, manufactured products, electricity and all commodities, has risen by 2.0 per cent, 2.6 per cent, 0.4 per cent and 2.8 per cent, respectively during April-November 2017-18.

Meanwhile, the Consumer Price Index(CPI) has shown a rise of 3.0 per cent during April-November, 2017-18. (ANI)