GDP growth for 2014-15 revised downward to 7.2 pc

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SME Times News Bureau | 30 Jan, 2016
The government on Friday slightly revised downwards India's gross domestic product (GDP) growth for 2014-15 to 7.2 percent from the 7.3 percent estimated earlier, according to an official statement in New Delhi.

"The real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at Rs.105.52 lakh crore and Rs.98.39 lakh crore, respectively, showing growth of 7.2 percent during 2014-15, and 6.6 percent during 2013-14," Central Statistics Office's (CSO) revised estimates of national accounts released here showed.

The GDP growth rate for 2013-14 has also been revised downwards to 6.6 percent from the earlier 6.9 percent.

The CSO said estimates of GDP and other figures for the years 2011-12 to 2013-14 have also undergone revision, as a result of latest available data on agricultural and industrial production.

In terms of real gross value added (GVA) at 2011-12 basic prices, there has been a growth of 7.1 percent in 2014-15 as compared to a growth of 6.3 percent in 2013-14. GVA for 2014-15 was earlier estimated at 7.2 percent.

The downward revision in GVA for 2014-15 is owing to subdued performance of the secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction, the government said.

The per capita net national income at current prices has been estimated as Rs.79,412 for 2013-14 and at Rs.86,879 in 2014-15.

The per capita private final consumption expenditure at current prices, for the years 2013-14 and 2014-15 is estimated at Rs.52,022 and Rs.56,772, respectively.

Gross savings during 2014-15 is estimated as Rs.41.17 lakh crore as compared to Rs.37.25 lakh crore during 2013-14.

The rate of gross saving to gross national disposable income (GNDI) for the year 2014-15 is estimated as 32.3 percent, which was the same as in 2013-14.

Household sector contribution to gross saving declined from 63.4 percent in 2013-14 to 57.8 percent in 2014-15 which the government attributed to a decline in household savings in physical assets, which has declined from Rs.14.61 lakh crore in 2013-14 to Rs.13.79 lakh crore in 2014-15.

Dis-saving of central government has decreased from 4 percent in 2013-14 to 3.2 percent in 2014-15, the CSO added in this regard.

In gross capital formation (GCF), while the highest contributor - non-financial corporations' - share has been rising steadily from 45.7 percent in 2011-12 to 52 percent in 2014-15, the share of the household sector has declined from 43.4 percent in 2011-12 to 33.9 percent in 2014-15.

Gross fixed capital formation (GFCF) amounted to Rs.38.44 lakh crore in 2014-15 as against Rs 35.64 lakh crore in 2013-14, the government said.