First revised estimates of macroeconomic indicators for 2014-15 released
As per the revised estimates, the GDP growth for 2013-14 and 2014-15 was estimated at 6.6 and 7.2 percent against the previous estimates of 6.9 and 7.3 percent respectively.
The Central Statistics Office (CSO) of the Ministry of Statistics and Programme Implementation on 29 January 2016 released the first revised estimates of national income, consumption expenditure, saving and capital formation for 2014-15.
Besides, the CSO also released second revised estimates of the years 2011-12 to 2013-14 (with base year 2011-12.
Highlights of revised estimates for FYs 2014-15 & 2013-14
• Gross Domestic Product: Nominal Gross Domestic Product or GDP at current prices for the year 2014-15 was estimated at 124.88 lakh crore rupees while that for the year 2013-14 was estimated at 112.73 lakh crore rupees, exhibiting a growth of 10.8 per cent during 2014-15 as against 13.3 per cent during 2013-14.
• Real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at 105.52 lakh crore rupees and 98.39 lakh crore rupees, respectively, showing growth of 7.2 per cent during 2014-15, and 6.6 per cent during 2013-14.
• The previous Real GDP estimates for FY 2014-15 and 2013-14 was 7.3 and 6.9 respectively.
• Per capital income: Per capita net national income at current prices was estimated at 79412 and 86879 rupees respectively for the years 2013-14 and 2014-15.
• Correspondingly, per capita private final consumption expenditure (PFCE) at current prices, for the years 2013-14 and 2014-15 was estimated at 52022 and 56772 respectively.
• Industry-wise contribution: Percentage shares of different sectors of the economy in gross value addition (GVA) at current prices were – primary sector (20.04), secondary (27.36) and tertiary (52.60).
• Percentage changes in GVA in 2014-15 at constant (2011-12) prices over the FY 2013-14 were – primary sector (1.3 percent), secondary (5.4) and tertiary (10.3).
• The growth in real GVA during 2014-15 has been higher than that in 2013-14 mainly due to higher growth in mining and quarrying (10.8 percent), hotels & restaurants (10.7), public administration and defence (9.8) and other services (11.4 percent).
• Saving: Rate of Gross Saving to gross national disposable income (GNDI) for the year 2014-15 is estimated as 32.3 per cent, the same as in 2013-14.
• The highest contributor to the Gross Saving is the household sector, with a share of 57.8 per cent in the year 2014-15.
• Capital formation: The rate of gross capital formation (GCF) to GDP declined from 34.7 per cent during 2013-14 to 34.2 per cent in the year 2014-15.
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