The Central Statistical Organisation has revised the GDP estimates for the financial year 2004-05. According to the revised numbers, GDP grew at 7.5 per cent as against the previous estimate of 6.9 per cent. GDP growth for the previous financial year 2003-04 was at 8.5 per cent.

In terms of sectoral performance, services posted the best growth rates. Within services, trade, hotels and restaurants grew at 8.1 per cent; transport, storage and communication at 14.8 per cent; financing, insurance, real estate and business services at 9.2 per cent and community, social and personal services at 9.2 per cent.

Manufacturing posted a growth of 8.1 per cent during 2004-05; construction expanded 12.5 per cent while mining and quarrying grew at 5.8 per cent.

Agriculture growth in was dismal at 0.7 per cent during 2004-05.

The base year has also been changed by the CSO for national income statistics to 1999-2000 from the earlier 1993-1994. The base year is changed periodically to take into account the structural changes which take place in the economy and to get a true picture of the economy through macro economic aggregates like GDP, consumption expenditure, capital formation etc.

GDP at factor cost at 1999-00 prices in 2004-05 is estimated at Rs2,393,671 crore as against Rs2,226,041 crore during the previous year. At current prices, GDP in 2004-05 is estimated at Rs2,843,897 crore as against Rs2,543,396 crore.

National income at 1999-00 prices in 2004-05 is estimated at Rs2,141,776 crore as against Rs1,986,858 crore in 2003-04, a growth of 7.8 per cent. At current prices, the national income in 2004-05 is estimated at Rs2,531,223 crore as compared to Rs2,268,576 crore in 2003-04.

Per capita income at 1999-00 prices for 2004-05 is estimated at Rs19,649 as against Rs18,517 in 2003-04, a growth of 6.1 per cent. Per capita income at current prices is estimated at Rs23,222 in 2004-05 as against Rs21,142 for the previous year.

Gross domestic savings for 2004-05 were 29.1 per cent of GDP as against 28.9 per cent during the previous year. In absolute terms, gross domestic savings for 2004-05 were Rs907,416 crore as against Rs797,512 crore in 2003-04.

Household savings in the form of financial assets has gone up to Rs320,777 crore as against Rs316,444 crore while physical assets has increased to Rs366,302 crore from Rs332,190 crore.

Private corporate sector savings has gone up to Rs1,50,947 crore in 2004-05 from Rs1,20,852 crore in 2003-04. Savings of the public sector increased to Rs69,390 crore in 2004-05 from Rs28,026 crore during the previous year.