Indian economy's growth estimated at 7.1% in 2016-17: Government

Jan 07, 2017, 00:13
Indian economy's growth estimated at 7.1% in 2016-17: Government

The Department of Statistics said the projection is largely based on data available by October-end. As such, these estimates do not take into account the effect on the economy of the demonetisation of high value currency notes announced by the government in November.

India's Gross Domestic Product (GDP) growth is seen decelerating to 7.1 per cent in 2016-17 (April-March) from 7.6 per cent previous year, primarily due to slowdown in manufacturing, mining and construction sectors, the first advance estimates released by the Central Statistics Office (CSO) showed.

Crisil Research sees advance gross domestic product (GDP) estimates released by the Central Statistics Office (CSO) Friday having an upward bias especially in terms of government consumption growth (23.8 percent) and government services growth (12.8 percent). "Keeping this in view, the date of budget presentation is being advanced so that expenditure is authorized by the time the new financial year begins", reasoned Prime Minister Narendra Modi at a meeting last month with economists at NITI Aayog.

The sector-wise estimates are obtained by CSO by extrapolation of indicators like index of industrial production (IIP) of first seven months of 2016-17 and financial performance of listed companies in the private corporate sector available upto quarter ending September, 2016 among others.

"The growth in deposits is an outlier, hence November data was not used for the financials,"India's Chief Statistician T.C.A. Anant said, releasing the advance estimate on national income". Growth in the trade, hotels and transport sector-the largest services segment-is expected to slow to 6% from 9%. "This would be particularly apt for cash intensive sectors such as construction", she said.

The GVA at basic prices for 2016-17 for manufacturing sector is estimated to grow by 7.4 percent as compared to 9.3 percent in 2015-16. "The data for November month has not been included due to the demonetisation of notes", he added.

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