The Central Statistics Office (CSO) on Wednesday estimated the Gross Domestic Product (GDP) at Rs. 152.54 lakh crore for 2016-17 as compared to Rs. 137.64 lakh crore in 2015-16.
Notifying the revised income, it stated that the real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs. 121.96 lakh crore and Rs. 113.86 lakh crore, respectively, showing a growth of 7.1 percent during 2016-17 and 8.2 percent during 2015-16.
At the aggregate level, nominal Gross Value Added (GVA) at basic prices increased by 10.1 percent during 2016-17 as against 9.2 percent during 2015-16.
In terms of real GVA, i.e., GVA at constant (2011-12) basic prices, there has been a growth of 7.1 percent in 2016-17, as against growth of 8.1 percent in 2015-16.
The growth in real GVA during 2016-17 has been lower than that in 2015-16 mainly due to lower growth in manufacturing (7.9 percent), construction (1.3 percent), transport, storage, communication and services related to broadcasting (4.3 percent), trade, repair, hotels and restaurants (8.9 percent), financial services (1.3 percent) and real estate, ownership of dwelling and professional services (8 percent).
At constant prices, the growth rates of primary sector, comprising agriculture, forestry, fishing and mining and quarrying); secondary sector comprising manufacturing, electricity, gas, water supply and other utility services, and construction; and tertiary services sector have been estimated as 7.4 percent, 6.1 percent and 7.5 percent during 2016-17, as against a growth of 2.6 percent, 9.4 percent and 9.6 percent, respectively, in the previous year.
The Nominal Net National Income (NNI) at current prices for the year 2016-17 stands at Rs. 134.9 lakh crore as against Rs. 121.5 lakh crore in 2015-16, showing an increase of 11 percent during 2016-17 as against an increase of 10.7 percent in the previous year.
On the other hand, Gross National Disposable Income (GNDI) at current prices is estimated as Rs. 154.6 lakh crore for the year 2016-17, while the estimate for the year 2015-16 stands at Rs. 140.2 lakh crore, showing a growth of 10.3 percent as against 10.2 percent in the year 2015-16.
Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs. 90.05 lakh crore for the year 2016-17 as against Rs. 80.91 lakh crore in 2015-16.
In relation to GDP, the rates of PFCE at current prices during 2015-16 and 2016-17 are estimated at 58.8 percent and 59.0 percent respectively.
At constant (2011-12) prices, the PFCE is estimated as Rs. 63.51 lakh crore and Rs. 68.12 lakh crore, respectively for the years 2015-16 and 2016-17. The corresponding rates of PFCE to GDP for the years 2015-16 and 2016-17 are 55.8 percent and 55.9 percent respectively.
Government Final Consumption Expenditure (GFCE) at current prices is estimated as Rs. 16.64 lakh crore for the year 2016-17 as against Rs. 14.28 lakh crore during 2015-16.
The rate of Gross Saving to GNDI for the year 2016-17 is estimated as 29.6 percent as against 30.7 percent, estimated for 2015-16.
The highest contributor to Gross Saving is the household sector, with a share of 54.2 percent in the year 2016-17.
However, this share has declined from 56.9 percent in 2015-16.
Gross Capital Formation (GCF) at current and constant prices is estimated by two approaches, through flow of funds, derived as Gross Saving plus net capital inflow from abroad; and by the commodity flow approach, derived by the type of assets.
The estimates of GCF through the flow of funds approach are treated as the firmer estimates, and the difference between the two approaches is taken as “errors and omissions”.
However, GCF by industry of use and by institutional sectors do not include “valuables”, and therefore, these estimates are lower than the estimates available from commodity flow approach.
Gross Capital Formation (GCF) at current prices is estimated as Rs. 46.71 lakh crore for the year 2016-17 as compared to Rs. 44.42 lakh crore during 2015-16.
The rate of GCF to GDP declined from 32.3 percent during 2015-16 to 30.6 percent in the year 2016-17.
The rate of GCF excluding valuables to GDP stands at 30.8 percent and 29.5 percent for the years2015-16 and 2016-17 respectively.
The rate of capital formation in the years 2011-12 to 2016-17 has been higher than the rate of saving because of net capital inflow from Rest of the World (ROW).
The share of General Government in GCF has increased from 11.9 percent in 2015-16 to 12.9 percent in 2016-17.
Within the Gross Capital Formation at current prices, the Gross Fixed Capital Formation (GFCF) amounted to Rs. 43.52 lakh crore in 2016-17 as against Rs. 39.18 lakh crore in 2015-16.
The rate of GFCF to GDP at current prices continues to be the same at 28.5 percent in both the years 2015-16 and 2016-17.
The change in stocks of inventories, at current prices, decreased from Rs. 2.55 lakh crore in 2015-16 to Rs. 1.00 lakh crore in 2016-17, while the valuables decreased from Rs. 2.03 lakh crore in 2015-16 to Rs. 1.76 lakh crore in 2016-17.