GDP growth was 7.9% in Q4 & 7.6% in full-FY16, claims Govt
Indian economy grew at 7.9 per cent in the fourth quarter of 2015-16 taking the overall GDP growth to a five-year high of 7.6 per cent in the fiscal, mainly on account of good performance of manufacturing and farm sectors.
According to the data released by the Central Statistics Office (CSO), the manufacturing sector during the fourth quarter recorded a growth rate of 9.3 per cent while the farm sector grew at 2.3 per cent. The CSO has also revised the Gross Domestic Product (GDP) growth rate for previous quarters of 2015-16 -- 7.5 per cent for April-June, 7.6 per cent for July-September and 7.2 per cent for October-December.
The 7.6 per cent growth rate for 2015-16 is the same as projected by the CSO in its advance estimates of national income earlier in February this year. As per the CSO data, GDP of the mining and quarrying segment grew by 8.6 per cent in the last quarter of 2015-16 whereas electricity, gas, water supply and other utility services recorded a growth rate of 9.3 per cent.
Similarly the construction sector grew at 4.5 per cent, trade, hotels, transport and communication at 9.9 per cent, financial, real estate and professional services at 9.1 per cent, and public administration, defence and other services at 6.4 per cent in the fourth quarter of 2015-16.
According to the new concept of Gross Value Added (GVA), farm sector grew at 1.2 per cent in 2015-16 as against contraction of 0.2 per cent in the previous fiscal. The manufacturing sector accelerated to 9.3 per cent, up from 5.5 per cent in the previous fiscal. However, the mining and quarrying segment recorded a growth of 7.4 per cent in FY2016, down from 10.8 per cent in the previous fiscal.
Similarly, growth of electricity, gas, water supply and other utility services decelerated to 6.6 per cent from 8 per cent; construction 3.9 per cent (4.4 per cent); trade, hotels, transport, communication and services related to broadcasting 9 per cent (9.8 per cent); financial, real estate and professional services 10.3 per cent (10.6 per cent); and public administration, defence and other services 6.6 per cent (10.7 per cent).
Private Final Consumption Expenditure (PFCE), an indication of economic activity in the non-government sector, stood at Rs 80.76 lakh crore for 2015-16 at current prices, as against Rs 71.93 lakh crore in 2014-15. At constant (2011-12) prices, the PFCE was Rs 63.01 lakh crore in 2015-16 as against Rs 58.64 lakh crore in 2014-15.
Government Final Consumption Expenditure (GFCE), which indicates public expenditure, was Rs 14.39 lakh crore in 2015-16 at current prices, as against Rs 13.65 lakh crore in 2014-15. At constant (2011-12) prices, the GFCE was Rs 11.27 lakh crore in 2015-16, as against Rs 11.03 lakh crore in 2014-15. The government data estimated the Gross Fixed Capital Formation (GFCF), a barometer for investment, at Rs 39.72 lakh crore for 2015-16 at current prices, as against Rs 38.44 lakh crore in 2014-15.
According to data, the Gross National Income at current prices is now estimated at Rs 134.19 lakh crore during 2015-16, as compared to Rs 123.41 lakh crore during 2014-15, showing a rise of
8.7 per cent. The per capita income at current prices during 2015-16 is estimated to have attained a level of Rs 93,293 as compared to the first revised estimate for the year 2014-15 of Rs 86,879 showing a rise of 7.4 per cent.
The GDP at current prices for 2015-16 is estimated at Rs 135.76 lakh crore, showing a growth rate of 8.7 per cent over the first revised estimates of GDP for the year 2014-15 of Rs 124.88 lakh crore. The real GDP or GDP at constant (2011-12) prices for 2015-16 is now estimated at Rs 113.50 lakh crore showing a growth rate of 7.6 per cent over the first revised estimates of GDP for 2014-15 of Rs 105.52 lakh crore, it added.