India's GDP grew 6.1% in Q4, FY17 growth at 7.1%

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31 May 2017

India's economy grew at a slower 6.1 per cent in the last quarter of the 2016-17 financial year against a higher 7.0 per cent recorded in the previous quarter, provisional figures released by the Central Statistics Office (CSO) showed.

For the 2016-17 fiscal year ending 31 March, the country's gross domestic product (GDP) at constant (2011-12) prices grew 7.1 per cent, which is in line with the official estimate. The economy grew at a faster clip of 8.0 per cent (revised) in 2015-16.

Real gross domestic product or GDP at constant (2011-12) prices for the year 2016-17 is estimated at Rs12,190,000 crore, showing a growth rate of 7.1 per cent over the year 2015-16 of Rs11,381,000 crore.

Real gross value added, ie, GVA at basic constant (2011-12) prices, for the year 2016-17 is estimated at Rs11,185,000 crore, showing a growth rate of 6.6 per cent over the GVA for the year 2015-16 of Rs10,491,000 crore.

The sectors which posted growth rate of over 7.0 per cent at constant prices are 'public administration, defence and other services' (11.3 per cent), manufacturing (7.9 per cent), `trade, hotels, transport, communication and services related to broadcasting' (7.8 per cent),'electricity, gas, water supply other utility services (7.2 per cent). Growth rates in the 'agriculture, forestry and fishing', 'mining and quarrying', 'construction' and 'financial, real estate and professional services' sectors are estimated to be 4.9 per cent, 1.8 per cent, 1.7 per cent and 5.7 per cent, respectively.

Quarterly estimates of GDP of the previous years along with the first, second and third quarter estimates of 2016-17 released earlier have undergone revision in accordance with the revision policy of National Accounts.

The Second Advance estimates of national income for the year 2016-17, released on 28 February, have now been revised incorporating latest estimates of agricultural production, index of industrial production and performance of key sectors like, railways, transport other than railways, communication, banking, insurance and government expenditure.

Early results on the performance of corporate sector for April-December 2016 which were used in the advance estimates have been revised on the basis of latest available information. The information on corporate performance as available from company finance studies of RBI is supplemented with the information available from advance filings with Bombay Stock Exchange and National Stock Exchange.

India's per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to attain a level of Rs82,269 compared to Rs77,803 for the year 2015-16, a growth rate of 7 per cent against 6.8 per cent growth in the previous year.

Gross domestic product (GDP) at current prices in the year 2016-17 is estimated at Rs84,00,000 crore, showing a growth rate of 11.0 per cent over the estimates of GDP for the year 2015-16 of Rs13,682,000 crore.

The sectors which recorded growth rates of over 9.0 per cent and above at current prices include 'agriculture', 'manufacturing' , 'trade, hotels, transport, communication and services related to broadcasting', 'financial, real estate and professional services', and 'public administration, defence and other services'.





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