CSO’s Advance Estimates Projected 8.6 per cent Growth in 2010-11
The advanced estimates released by CSO projected 8.6 % growth of Indian economy in 2010-11.
According to the advanced estimates released by the Central Statistical Organisation (CSO) on 7 February 2011, the economy will grow at an estimated 8.6 per cent in 2010-11 as against 8 per cent in 2009-10. The Advance Estimates released by CSO revealed that agriculture and allied activities are expected to grow at 5.4 per cent in 2010-11 as compared to just 0.4 per cent in 2009-10. Mining and quarrying is likely to grow by 6.2 per cent as compared to 6.9 per cent in 2010. Electricity, gas and water production is expected to grow by 5.1 per cent as against 6.4 per cent. The growth rate of 8.6 per cent during 2010-11 has been possible due to the growth rate of over 8 per cent in sectors of manufacturing, construction, trade, hotels, transport and communication, financing, insurance, real estate and business services. The CSO however estimated a dip in community, social and personal services which are likely to witness a slowdown in growth and register just 5.7 per cent expansion as compared to 11.8 per cent in the same period of the previous year.
Latest GDP growth estimate of 8.6 per cent for the entire fiscal implied that the pace of economic expansion had slowed in the second-half of 2010-11, given that GDP growth in the April-September 2010, period had stood at 8.9 per cent.
According to the CSO’s advanced estimates India's per capita income was projected to grow by 17.3 per cent to Rs 54527 in 2010-11 from Rs 46492 in 2009-10. It was pointed out that the increase in per capita income would be only 6.7 per cent in 2010-11 if it is calculated on the basis of 2004-05 prices.
The size of the economy at current prices is projected to rise to Rs.7256,571 crore at the end of the current fiscal, up 18.3 per cent from Rs.6133230 crore in 2009-10. Based on 2004-05 prices, the Indian economy is projected to expand by 8.6 per cent in the current fiscal ending March 2011. The country's population is expected to increase to 118.6 crore at the end of March 2011, from 117 crore in fiscal 2009-10.
The advance GDP estimates are released before the end of a financial year to enable the government to formulate various estimates for inclusion in the Budget.