New Delhi, January 31: The revised GDP growth for the current fiscal year 2016-2017 has been kept unchanged at 7.12 per cent, while the growth rate for the fiscal year 2015-2016 has been revised upwards to 8.2 per cent from 8 per cent. Also Read - Even Pakistan, Afghanistan Handled Covid-19 Better: Rahul Gandhi Takes a Dig at Govt Over IMF Projections
The government data suggest that India’s economic growth in the FY17 was 7.1 per cent as against 8 per cent in the previous fiscal. The advanced GDP estimate for FY17 was also pegged at 7.1 per cent in February. Also Read - Passenger Vehicle Industry's FY21 Volumes Expected to See 22-25% Dip: ICRA
The Gross Value Added (GVA) which slipped sharply to 6.6 per cent in FY17, has been revised upwards. In 2015-16, the GVA was 7.9 per cent. Based on these revised estimates the CSO will revise the GDP and GVA of the FY18 for the second advanced data in February. Also Read - India's Public Debt, Stable Since 1991, To Jump to 90% Due to COVID-19 Pandemic: IMF
Earlier this month, the CSO has estimated an advanced growth rate of 6.5 per cent in the fiscal year 2017-2018, lowest under the Narendra Modi government.
“The estimates of GDP for the years 2014-15 and 2015-16 have undergone revision due to use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries,” the CSO said in a statement.
GDP for FY17 is estimated at Rs 152.54 lakh crore, which is said to be nominal, while for FY16, it has been estimated at Rs 137.65 lakh crore, showing a growth rate of 10.8 per cent in FY17 and 10.4 in FY16.
In FY17, the GVA has been lower due to slow growth in manufacturing at 7.9 per cent, construction at 1.3 per cent, storage, transport, communication and services related to broadcasting at 4.3 per cent, trade, repair, hotels and restaurants at 8.9 per cent and others.
The Per Capita Income at current prices has been estimated at Rs 94,731 for FY16 and Rs 1,03,870 for FY17.