FY15 GDP growth 7.3%; lower than earlier estimate
The Indian economy grew at 7.3 per cent in 2014-15 due to improvement in the performance of both services as well as manufacturing sectors. According to the data <g data-gr-id="15">release</g> by the Central Statistics Office (CSO) on Friday, the economic growth was 6.9 <g data-gr-id="16">per cent</g> in 2013-14 as per the new series of national accounts with <g data-gr-id="17"><g data-gr-id="18">base</g> year</g> of 2011-12.
The growth in 2014-15 was lower than the advance estimates of 7.4 per cent released in February. The fourth quarter (January-March) of last fiscal saw the economy grow at 7.5 per cent, better than 6.6 per cent recorded for the previous three months, October-December. The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, rose by 7.2 per cent in 2014-15 compared 6.6 per cent in the previous fiscal.
The manufacturing sector GVA rose by 7.1 per cent during the year as against 5.3 per cent in 2013-14. Similarly, the output of electricity, gas, water supply and other utility services rose by 7.9 per cent as against 4.8 per cent a year ago. The construction activity too registered an increase of 4.8 <g data-gr-id="22">per cent</g>, up from 2.5 <g data-gr-id="23">per cent</g> a year ago. Financial, real estate and professional services also showed an improvement by registering a growth of 11.5 per cent as against 7.9 per cent in previous fiscal. However, the farm and allied sectors grew by a meagre 0.2 per cent compared to 3.7 per cent a year ago.