Per capita net national income rises by over 10%
AMN
The Indian economy will likely grow at 7.1 percent in 2016-17, 0.5 percentage points slower than the previous year’s 7.6 percent expansion, government data showed on Friday, adding to deceleration fears caused by an economy-wide cash-crunch.
The Gross Domestic Product (GDP) growth is estimated at 7.1 per cent in 2016-17 as compared to 7.6 per cent in 2015-16. Releasing the data, Chief Statistician T C A Anant said in New Delhi this evening that the per capita net national income during 2016-17 is estimated to be One lakh three thousand seven rupees showing a rise of 10.4 per cent as compared to 93 thousand two hundred ninety three during 2015-16 with the growth rate of 7.4 percent.
The agriculture, forestry and fishing sector is likely to show a growth of 4.1 per cent during 2016-17, as against the previous year’s growth rate of 1.2 per cent. The manufacturing sector is estimated to grow by 7.4 percent in 2016-17 as compared to growth of 9.3 percent in 2015-16. The wholesale price index (WPI), of food articles has risen by 6.9 per cent, manufactured products 2.0 per cent, and electricity (-)1.4 per cent and all commodities 2.8 percent during April-November 2016-17. The consumer price index has shown a rise of 5.0 per cent during April-November, 2016-17.
Mr Anant said, this is not an ordinary year and Central Statistics Office – CSO is carefully watching the data. He said, CSO didn’t use bank deposits and credit data for November in estimates because demonetization led to high degree of volatility.
AIR correspondent reports that the advance estimates of the CSO are needed by the finance ministry to calculate the deficit numbers and also estimate the GDP for the next year. Previously, data used to be released around 7 th February . The release has been brought forward by a month as presentation of the Union Budget itself has been advanced by a month.