New Delhi: The government on Thursday revised the economic growth rate upwards to 7.2 per cent for 2017-18 from the 6.7 per cent estimated earlier. Also Read - Scarred by Pandemic, Task Ahead to Restore Economic Growth And Livelihood: RBI Governor
“Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17,” the CSO said. Also Read - Moody's cuts India's economic growth forecast to 5.6 pc for 2019
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent. Also Read - 'For Now Staying Out of RCEP is Final Decision,' Says Piyush Goyal
“The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018,” said the Central Statistics Office (CSO).
The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17.
During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5 per cent, 6 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year.