GDP to grow by 7.1 pc in 2016-17, says government

Written by January 6, 2017 21:27

New Delhi, Jan 6: The Gross Domestic Product (GDP) growth is estimated at 7.1 percent in 2016-17 as compared to 7.6 percent in 2015-16. Releasing the data, Chief Statistician T C A Anant said that the per capita net national income during 2016-17 is estimated to be One lakh three thousand seven rupees showing a rise of 10.4 percent as compared to 93 thousand two hundred ninety-three during 2015-16 with the growth rate of 7.4 percent.

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The agriculture, forestry and fishing sector is likely to show a growth of 4.1 percent during 2016-17, as against the previous year’s growth rate of 1.2 percent. The manufacturing sector is estimated to grow by 7.4 percent in 2016-17 as compared to growth of 9.3 percent in 2015-16. The wholesale price index (WPI), of food articles, has risen by 6.9 percent, manufactured products 2.0 percent, and electricity (-)1.4 percent and all commodities 2.8 percent during April-November 2016-17. The consumer price index has shown a rise of 5.0 per cent during April-November, 2016-17.

Mr. Anant said, this is not an ordinary year and Central Statistics Office – CSO is carefully watching the data. He said CSO didn’t use bank deposits and credit data for November in estimates because demonetization led to high degree of volatility.

The advance estimates of the CSO are needed by the finance ministry to calculate the deficit numbers and also estimate the GDP for the next year. Previously, data used to be released around 7th February. The release has been brought forward by a month as the presentation of the Union Budget itself has been advanced by a month.