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2016.09.27, Tuesday
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2016.09.28, Wednesday
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India's GDP Growth Seen Accelerating to 7*6% in FY '16

India’s GDP Growth Seen Accelerating to 7*6% in FY ’16

 

According to the estimates released by Central Statistics Office (CSO), the growth estimate of India has exceeded China’s growth. Indian economy is expected to grow at a 5- year high of 7-6 per cent in 2015-16 on improved performance in manufac­turing and farm sectors, faster than the 6-9 per cent growth in China. The Gross Domestic Product (GDP) or economic growth is estimated at 7-3 per cent in October-December quarter of the fiscal year 2015-16.

The CSO estimate of 7-6 per cent growth in current fiscal is higher than the projection by RBI, finance mini­stry and IMF. While RBI projected a growth rate of 7-4 per cent, finance ministry’s mid-year economic review had estimated the growth to be bet­ween 7-7-5 per cent. Besides, IMF had said India will clock 7-3 per cent growth in 2015-16 and Asian Deve­lopment Bank projected it at 7-4 per cent.

The CSO has also revised upwards the GDP growth estimates for April-June and July-September quarters to 7-6 per cent and 7-7 per cent from earlier calculation of 7 per cent and 7-4 per cent, respectively. At

Growth %
Q1 2014-15 6-7
Q2 2014-15 8-4
Q3 2014-15 6-6
Q4 2014-15 7-5
Q1 2015-16 7-6
Q2 2015-16 ‘ 7-7
Q3 2015-16 7-3
Positive Trend
Year GDP Growth (%)
2012-13 5-6
2013-14 6-6
2014-15 7-2
2015-16* 7-6
* Advance estimates for FY ’16.

7-6 per cent, India would be growing at the fastest pace in the last five years. The previous high was recor­ded at 8-9 per cent in 2010-11.

The manufacturing sector is estimated to grow at 9-5 per cent in 2015-16, up from 5-5 per cent a year ago. Similarly, in case of agriculture sector, the growth has been projected

at IT per cent as against decline of C per cent a year ago.

 

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