The Central Statistical Office (CSO) on 31 May 2016 released the provisional estimates of national GDP for 2015-16. It pegged GDP growth at 7.9 percent in Quarter 4 of 2015-16 and 7.6 percent in the whole of 2015-16.
India continued to remain a bright spot in world economy with robust macro-economic and fiscal parameters.
Highlights of the Accounts:
Fiscal Deficit: It stands at 3.9 percent of Gross Domestic Product (GDP) in 2015-16 as estimated both in Budget Expenditure (BE) and Revenue Expenditure (RE) of 2015-16. This is a significant improvement over the Fiscal Deficit of 4.1 percent in 2014-15 and 4.7 percent in 2013-14.
Revenue Deficit: It also showed a significant improvement due to increase in Capital Expenditure of the Central Government. Revenue Deficit which stood at 3.2 percent of GDP in 2013-14 has improved to 2.9 percent in 2014-15 and 2.5 percent in 2015-16.
Plan Expenditure: It is 471081 crore rupees in 2015-16 which is 8437 crore rupees higher over 2014-15 despite substantial increase in share of tax devolution to the States.
Gross tax collection: It showed 17 percent growth as compared to Fiscal 2014-15 and also showed an improvement up to 10.74 percent of GDP (tax-GDP ratio) in 2015-16 as compared to 10.06 percent in 2013-14.
Non Tax Receipts: These also showed improvement with 250744 crore in 2015-16 when compared to 197766 crore in 2014-15 and 198865 crore in 2013-14.
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When: 31 May 2016