A day ahead of the interim budget to be presented in the Parliament, the government today revised the economic growth rate upwards to 7.2% for 2017-18 from the 6.7% estimated earlier. The Central Statistics Office (CSO) said that the real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2% during 2017-18 and 8.2% during 2016-17.
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2%. The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018, CSO added.
The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17. During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5%, 6% and 8.1% as against a growth of 6.8%, 7.5% and 8.4%, respectively, in the previous year.