Question: According to the first advance estimate the growth in GDP during 2016-17 is estimated at-
(a) 7.6%
(b) 7.1%
(c) 7.2%
(d) 7.3%
Ans: (b)
Related facts:
- On 6 January 2016 The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released the First Advance estimates of national income at constant (2011-12) and current prices, for the financial year 2016-17.
- Estimates at Constant (2011-12) Prices:
- Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs 121.55 lakh crore.
- The above estimate is more than the Provisional Estimate of GDP for the year 2015-16 of Rs 113.50 lakh crore, released on 31st May 2016.
- The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.6 per cent in 2015-16.
- Real GVA, i.e, GVA at basic constant prices (2011-12) is estimated to increase from Rs 104.27 lakh crore in 2015-16 to Rs 111.53 lakh crore in 2016-17.
- Estimated growth of real GVA at basic prices in 2016-17 is 7.0 percent against 7.2 percent in 2015-16.
- The sectors which registered growth rate of over 7.0 percent are, ‘public administration, defence and other services’, ‘financial, real estate and professional services’ and ‘manufacturing’.
- The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘electricity, gas, water supply and other utility services’, ‘construction’ and ‘Trade, hotels, transport, communication and services related to broadcasting’ is estimated to be 4.1 per cent, (-)1.8 per cent, 6.5 percent, 2.9 per cent and 6.0 percent respectively.
- The ‘agriculture, forestry and fishing’ sector is likely to show a growth of 4.1 per cent in its GVA during 2016-17, as against the 2015-16 growth rate of 1.2 per cent.
- GVA at basic prices for 2016-17 from ‘mining and quarrying’ sector is estimated to decline by 1.8 percent as compared to growth of 7.4 percent in 2015-16.
- GVA at basic prices for 2016-17 from ‘manufacturing’ sector is estimated to grow by 7.4 percent as compared to growth of 9.3 percent in 2015-16.
- GVA at basic prices for 2016-17 from ‘Electricity, Gas, water supply and other utility services’ sector is expected to grow by 6.5 percent as compared to growth of 6.6 percent in 2015-16.
- GVA at basic prices for 2016-17 from ‘Construction’ sector is expected to grow by 2.9 percent as compared to growth of 3.9 percent in 2015-16.
- The estimated growth in GVA for the trade, hotels, transport and communication and services related to broadcasting services during 2016-17 is placed at 6.0 per cent as against growth of 9.0 percent in the previous year.
- The estimated growth in GVA for this sector during 2016-17 is placed at 9.0 percent as compared to growth of 10.3 percent in 2015-16.
- GVA at basic prices for 2016-17 from this sector is expected to grow by 12.8 percent as compared to growth of 6.6 percent in 2015-16
- The per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to attain a level of Rs 81805 as compared to Rs 77,435 for the year 2015-16.
- The growth rate in per capita income is estimated at 5.6 per cent during 2016-17, as against 6.2 per cent in the previous year.
- Estimates at current prices:
- The wholesale price index (WPI), in respect of the groups – food articles, manufactured products, electricity and all commodities, has risen by 6.9 per cent, 2.0 per cent, (-)1.4 per cent and 2.8 percent, respectively during April-November 2016-17.
- The consumer price index has shown a rise of 5.0 per cent during April-November, 2016-17.
- GDP is derived by adding taxes on products net of subsidies on products to GVA at basic prices.
- GDP at current prices in the year 2016-17 is likely to attain a level of Rs151.93 lakh crore, as against Rs 135.76 lakh crore in 2015-16 showing a growth rate of 11.9 per cent.
- The nominal Net National Income (NNI), also known as national income (at current prices) is likely to be Rs 133.81 lakh crore during 2016-17, as against Rs 119.69 lakh crore for the year 2015-16.
- In terms of growth rates, the national income registered a growth rate of 11.8 per cent in 2016-17 as against the 2015-16 growth rate of 8.7 per cent.
- The per capita net national income during 2016-17 is estimated to be Rs103,007 showing a rise of 10.4 per cent as compared to Rs 93,293 during 2015-16 with the growth rate of 7.4 percent.
- Along with the First Advance Estimates of GVA at basic prices by economic activity, the First Advance Estimates of expenditures of the GDP at current and constant (2011-12) prices are also released.
- Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs 89.72 lakh crore in 2016-17 as against Rs 80.78 lakh crore in 2015-16.
- At constant (2011-12) prices, the PFCE is estimated at Rs 67.13 lakh crore in 2016-17 as against Rs 63.01 lakh crore in 2015-16.
- Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 18.61 lakh crore in 2016-17 as against Rs 14.39 lakh crore in 2015-16.
- At constant (2011-12) prices, the GFCE is estimated at Rs 13.95 lakh crore in 2016-17as against Rs 11.27 lakh crore in 2015-16.
- Gross Fixed Capital Formation (GFCF) at current prices is estimated at Rs 40.39 lakh crore in 2016-17 as against Rs 39.72 lakh crore in 2015-16.
- At constant (2011-12) prices, the GFCF is estimated at Rs 35.35 lakh crore in 2016-17 as against Rs 35.41 lakh crore in 2015-16.
- The next release of second advance estimates of national income for the year 2016-17 and quarterly GDP estimate for the quarter October-December, 2016 (Q3 of 2016-17) will be on 28.02.2017.
Reference:
http://pib.nic.in/newsite/erelease.aspx
http://indianexpress.com/article/business/economy/indian-economys-growth-estimated-at-7-1-in-2016-17-government/