New Delhi [India], Jan 5 (ANI): Following the release of the first Advance estimates of national income for 2017-18, chief statistician TCA Anant on Friday said there would be an improvement in numbers on a quarterly basis, even though the year-on-year estimates suggested a dip in GDP growth.
"We have been conservative this time regarding our estimates. The reason for the lower GDP estimates is mainly the poor performance of agriculture and manufacturing sectors. The first two quarters showed numbers of 5.7 and 6.3 per cent respectively. Looking at this, we are expecting the GDP growth in the next two quarters at 7 per cent each," he said, while addressing a press conference here.
Anant further opined that the disruptions caused in the first quarter due to the introduction of the Goods and Services Tax (GST) destocking, which led to diminishing GDP growth affected the full-year GDP estimates. He also added that manufacturing estimates included the GST impact during initial quarters.
The growth in GDP during 2017-18 was estimated at 6.5 per cent, as compared to the growth rate of 7.1 per cent in 2016-17.
As per data released by the Central Statistics Office (CSO) earlier in the day, 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 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)