GDP estimated to grow at 7.1 percent in 2016-17
New Delhi [India], May 31 (ANI): As per the new estimates released on Wednesday, the Indian economy has grew at 7.1 percent in 2016-17 in line with the expansion projected in February, after a 6.1 percent growth in January-March quarter, indicating stress of demonetisation.
According to the results of the fourth quarter of 2016-17, the Gross Domestic Product (GDP) is estimated to grow at 7.1 percent, registering a year-on-year growth in quarterly GDP of 6.1 percent.
"The sharp increase in WPI is a result of hardening of commodity prices both domestically and internationally. The economy is still dynamic. The new IIP numbers have brought about a change in quarterly estimation," said Chief Statistician of India and Secretary, Ministry of Statistics and Programme Implementation (MOSPI), TCA Anant while addressing a press conference here.
He asserted that the Q4 estimates are a result of the sharp increase in WPI, which was witnessed in the previous year.
The estimates of quarterly GDP have been compiled using the new series of Index of Industrial Production (IIP) and Wholesale price Indices (WPI), with base 2011-12.
GDP at current prices in the year 2016-17 is estimated at Rs. 151.84 lakh crore, showing a growth rate of 11.0 percent over the estimates of GDP for the year 2015-16 of Rs.136.82 lakh crore.
According to the latest estimates available on the IIP, the index of mining, manufacturing and electricity registered growth rates of 7.7percent, 1.8 percent and 4.3 percent respectively, in Q4 of 2016-17. In the transport and communication sectors, the sale of commercial vehicles and cargo handled at major ports, registered growth rates of 5.7 percent and 4.7 percent respectively in Q4 of 2016-17.
The 'agriculture, forestry and fishing' sector has shown a growth rate of 9.0 percent at current prices. The GVA estimates of this sector have been compiled using the Third Advance Estimates of production of food grains for 2016-17.
The third advance estimates of food grain production was 273.38 million tonnes in 2016-17 which is higher than the second advance estimates of food grain production during 2016-17 of 271.98 million tonnes and final estimates of 251.57 million tonnes during the agricultural year 2015-16.
The 'mining and quarrying' sector has shown a growth rate of 1.9 percent at current prices. As per the available information, private corporate sector growth in the mining sector as estimated from major listed companies at current prices was 1.8 percent.
The growth in the 'manufacturing' sector is estimated at 9.3 percent at current prices. The private corporate sector growth (which has a share of around 70 percent in the manufacturing sector) as estimated from available data of listed companies with BSE and NSE was 12.4 percent at current prices during 2016-17.
The quasi corporate and unorganised segment (which includes individual proprietorship and partnerships and khadi and village Industries having a share of around 23 percent in the manufacturing sector) has been estimated using IIP of manufacturing. (ANI)