The Indian Gross Domestic Product (GDP) growth rate is poised to slow down to 7.1 % for 2016 – 2017 as compared to the 7.6 % we enjoyed in 2015 -2016. But wait, this is part of the news. This figure doesn’t take into account the effect of demonetization. The figure may go down further when you take demonetization into consideration.
The data was released by T C A Anant, the Chief Statistician of the Central Statistics Office (CSO). The GDP of India for 2016 – 2017 has been pegged at Rs 121.55 lakh crores which is more than the amount estimated in May 2016 for 2015 – 2016 at Rs 113.50 lakh crores. The estimations made by the CSO are in line with the estimations of the Reserve Bank of India (RBI), which has also estimated a GDP growth of 7.1% for 2016 -2017.
The Gross Value Added (GVA) is pegged to grow at 7 % in 2016-2017 as compared to 7.2% in 2015-2016. The GVA stands at Rs 111.53 lakh crores in 2016-17 as compared to Rs 104.27 lakh crores in 2015-2016.
The agriculture, forest and fisheries had a great news for all, especially the Government, as it was expected to increase by 4.1% in 2016-17 as compared to its growth of 1.2% in 2015 – 2016.
The net per capita income during 2016-17 has risen by 10.4% to Rs 1,03,007 as compared to Rs 93,293 in 2015 – 2016.