Indian economy grows at 7.4% in Q2 of FY16

Indian economy grew at 7.4 per cent during the July-September quarter of fiscal 2015-2016, compared to the 7 per cent growth recorded in the April-June quarter. During the same period last year, the economy had grown at a faster pace of 8.4 per cent.

GDP at constant (2011-12) prices in Q2 of 2015-16 is estimated at Rs27,57,000 crore, against Rs25,66,000 crore in Q2 of 2014-15, showing a growth rate of 7.4 per cent. 

Gross value added (GVA) at basic price at constant (2011-12) prices for Q2 of 2015-16 is estimated at Rs25,80,000 crore, against Rs24,02,000 crore in Q2 of 2014-15, showing a growth rate of 7.4 per cent over the corresponding quarter of the previous year.

The economic activities which recorded growth rates of over 7.0 per cent in Q2 of 2015-16 included 'trade, hotels and transport and communication and services related to broadcasting', 'financial, insurance, real estate and professional services' and 'manufacturing'.

The growth rates in the 'agriculture, forestry and fishing', 'mining and quarrying', 'electricity, gas, water supply and other utility services, 'construction'  and 'public administration, defence and other services' is estimated at 2.2 per cent, 3.2 per cent, 6.7 per cent, 2.6 per cent and 4.7 per cent, respectively, during this period.

GVA at basic prices for Q2 of 2015-16 from 'agriculture, forestry and fishing' sector grew 2.2 per cent against a growth of 2.1 per cent in Q2 2014-15. Production of cereals, oilseeds and pulses registered growth rates of (-) 1.8 per cent, 8.5 per cent and (-) 1.1 per cent, respectively, during the Kharif season of agriculture year 2015-16.

Around 51.0 per cent of GVA of this sector is based on the livestock products, forestry and fisheries, which registered a combined growth of above 6 per cent in Q2 of 2015-16.

GVA at basic prices for Q2 of 2015-16 from 'mining and quarrying' sector grew 3.2 per cent compared to a growth of 1.4 per cent in Q2 of 2014-15. The key indicators of mining sector, namely, production of coal, crude oil and natural gas and IIP mining recorded growth rates of 0.9 per cent, 1.7 per cent, 0.5 per cent and 2.7 per cent during Q2 of 2015-16 against growth rates of 8.8 per cent, (-) 2.4 per cent, (-) 7.9 per cent and 0.5 per cent in Q2 of 2014-15.

GVA at basic prices for Q2 of 2015-16 from 'manufacturing' sector grew 9.3 per cent compared to growth of 7.9 per cent in Q2 oif 2014-15.

GVA at basic prices for Q2 of 2015-16 from  'electricity, gas, water supply and other utility services' sector  grew 6.7 per cent against a growth of 8.7 per cent in Q2 of 2014-15.  

GVA at basic prices for Q2 of 2015-16 from 'construction' sector grew 2.6 per cent compared to growth of 8.7 per cent in Q2 of 2014-15.

GVA from `trade, hotels and transport and communication and services related to broadcasting' services at basic prices for Q2 of 2015-16 grew 10.6 per cent compared to a growth of 8.9 per cent in Q2 of 2014-15.

GVA from `financial, insurance, real estate and professional services' at basic prices for Q2 of 2015-16 grew 9.7 per cent compared to 13.5 per cent in Q2 of 2014-15.

GVA from public administration and defence and other services at basic prices for Q2 of 2015-16 grew 4.7 per cent compared to a growth of 7.1 per cent in Q2 of 2014-15.

GDP at current prices (after adding taxes on products net of subsidies on products to GVA at basic prices) in Q2 of 2015-16 is estimated at Rs32,66,000 crore, against Rs30,80,000 crore in Q2 of 2014-15, showing a growth rate of 6.0 per cent.

GVA at basic price at current prices in Q2 of 2015-16 is estimated at Rs30,26,000 crore against Rs28,76,000 crore in Q2 of 2014-15, showing an increase of 5.2 per cent.