India’s GDP growth expected to be slower at 7.1% in 2016-17: CSO

According to growth projection released by the Central Statistics Office (CSO), India’s Gross Domestic Product (GDP) growth is expected to grow at a slower pace at 7.1% in 2016-17 as compared to 7.6% in 2015-16.

This estimate is in sync with the Reserve Bank of India’s (RBI) economic growth forecast and is largely based on data from the first seven months of the year.  The slowdown is chiefly due to an industrial slowdown.

Key Facts
  • Per capita net national income during 2016-17: estimated to be Rs.1,03,007, rise of 10.4% as compared to Rs. 93,293 during 2015-16 with the growth rate of 7.4%.
  • Agriculture, forestry and fishing sector: likely to show a growth of 4.1% during 2016-17, as against the previous year’s growth rate of 1.2%.
  • Manufacturing sector: It is estimated to grow by 7.4% in 2016-17 as compared to growth of 9.3% in 2015-16.
  • Wholesale price index (WPI): food articles has risen by 6.9%, manufactured products 2.0%, and electricity -1.4% and all commodities 2.8% during April-November 2016-17 period.
  • Consumer price index: It has shown a rise of 5.0% during April-November 2016-17.

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Note: This estimate does not factor in the impact of the Union Government’s demonetization decision announced on November 8, 2016. The outcome-based numbers from the September to December 2016 quarter will be captured in the next growth projection to be released in February 2017.

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Categories: Business & Economy Current Affairs 2017India Current Affairs 2017

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