AMN / NEW DELHI /
The Indian economy grew at a surprisingly fast 7 percent in October-December 2016, from 7.4 percent in the previous quarter and 7.2 percent expansion in third quarter 2015-16, government data showed today.GDP growth data played down note ban worry
Central Statistical Organisation, CSO has pegged advance GDP growth estimate for current fiscal at 7.1%, the same as projected earlier. Briefing media in New Delhi on 2nd Advance Estimates of National Income, 2016-17 and quarterly estimates of GDP, Chief Statistician Dr T.C.A. Anant said, India’s December quarter GDP stands at 7 percent in the demonetisation period from October to December last year.
Dr Anant said, the projection of GDP at 7.1 per cent is due to the growth in Agriculture, Mining and Manufacturing as compared to the 1st Advance estimates.
In a statement, the CSO said, the Real GDP in 2016-17 is likely to attain a level of 121.65 lakh crore rupees as against the first revised estimate of 113.58 lakh crore rupees of 2015-16.
The growth of Real Gross Value Added, GVA at basic prices in 2016-17 is estimated at 6.7 per cent against 7.8 per cent in 2015-16.
The per capita net national income at current price during 2016-17 is estimated to be 1.03 lakh rupees showing a rise of 10.2 per cent compared to 94,178 rupees during 2015-16.
The Organisation for Economic Co-operation and Development, OECD, has also put India’s GDP growth at 7 percent for the current fiscal, 7.3 for the next and 7.7 percent for 2018-19.
Speaking during the launch of OECD Economic Survey India in New Delhi, Economic Affairs Secretary Shaktikanta Das said, Goods and Services Tax, GST, will be implemented from 1st of July this year and all states are on board.
He said, GST will replace a myriad of consumption taxes and will be a game changer over the medium term as it will reduce tax cascading and boost India’s competitiveness, investment and job creation.