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NEW DELHI: Government has marginally revised downward the economic growth for 2014-15 to 7.2% from the earlier estimate of 7.3% after factoring in latest data on agriculture and industrial production.
“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% during 2014-15, and 6.6% during 2013-14,” said Central Statistics Office’s (CSO) revised estimates of national accounts released on Friday.
GDP growth rate for 2013-14 has also revised downwards to 6.6% from earlier estimate of 6.9%. According to the statement, estimates of GDP and other aggregates for the years 2011-12 to 2013-14 have also undergone revision due to use of latest available data on agricultural production and industrial production.
Last year, the CSO had estimated the GDP growth rate for 2014-15 and 2013-14 at 7.3% and 6.9%, respectively.
The office said in terms of real GVA (Gross Value Added) at constant (2011-12) basic prices, there has been a growth of 7.1% in 2014-15 as against growth of 6.3% in 2013-14. The GVA for 2014-15 was earlier estimated at 7.2%.
GVA as a concept was introduced by the CSO last year to measure value addition in the economy. The downward revision in GVA for 2014-15 is on account of subdued performance of secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction.
The growth rate in secondary sector estimated at 5.4% down from earlier projection of 6.3%. However the growth rate for the primary (farm and allied activities) and tertiary (services) sectors have been revised upwards to 1.3% and 10.3%, from earlier estimates of 0.3 and 10.2% respectively.
According to national accounts data, the per capita net national income at current prices is estimated as Rs 79,412 and Rs 86,879, respectively for the years 2013-14 and 2014-15.
The rate of Gross Capital Formation to GDP at constant (2011-12) prices has decreased marginally from 36.2% in 2013-14 to 35.9% in 2014-15.