Huge upward revision in GDP numbers for FY17, FY18

The government on Thursday revised the Gross Domestic Product (GDP) growth rates by 110 basis points from 7.1 per cent to 8.2 per cent for 2016-17 and by 50 basis points from 6.7 per cent to 7.2 per cent for fiscal 2017-18.

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stands at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the Central Statistics Office (CSO) said.

Similarly, the nominal GDP growth rate for 2017-18 was revised from 10 per cent to 11.3 per cent, and the growth rate of real Gross Value Added (GVA) at basic prices was revised from 6.5 per cent to 6.9 per cent for 2017-18 and from 7.1 per cent to 7.9 per cent for 2016-17.

The CSO, under the Ministry of Statistics and Programme Implementation (MoSPI), released its First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2017-18. It gives the first revised estimate for 2017-18, second for 2016-17 and third revised estimate for fiscal 2015-16.

The first revised estimates for 2017-18 is compiled using industry-wise and institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of provisional estimates on May 31, 2018, the CSO said explaining the revision.

"The estimates of GDP and other aggregates for 2015-16 and 2016-17 have undergone revision on account of use of latest available data on agricultural production; industrial production; government expenditure (replacing Revised Estimates with Actual for 2016-17) and also more comprehensive data available from various source agencies like MCA, NABARD etc and state/UT Directorates of Economics and Statistics," it said.

During 2017-18, at constant prices, the growth rates of primary, secondary and tertiary sectors have been estimated as 5.0 per cent, 6.0 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year.

--IANS

mgu/nir