India Records GDP Growth of 7.6% in FY16, Turned Fastest Growing Economy

India’s gross domestic product (GDP) grew by 7.6 percent during financial year 2015-16, which turned India one of the fasted growing economies in the world. Country’s position emerged as the fastest growing economy in the world after January-March quarter of last fiscal has shown robust performance of 7.9 percent growth, number released by Central Statistics Office on Tuesday .

India’s GDP was recorded 7.2 percent in FY2014-15.

India has beaten Asia largest economy China in terms of GDP growth in March quarter, China’s GDP grew by 6.7 percent in fourth quarter of last fiscal against 7.9 percent growth of India. January-March GDP number of China is slowest in around seven years.

In Q1- April-June quarter, GDP grew by 7.6 percent, in Q2- July-September quarter GDP stood at 7.5 percent, but in the third quarter (October-December) economy slew as compared to two previous two quarters and grew only by 7.2 percent, but bounced back strongly in last quarter (January-March) to 7.9 percent, which helped Indian economy to grow faster than China and other large economy in the world and performed better than FY 2015.

According to data released by Central Statistics Office (CSO) on Tuesday, during March quarter, agriculture, forestry and fishing sector grew by 2.3 percent; however, annually this sector has grown by 1.2 percent in FY16, which shows the farm sector has performed better in last quarter of the fiscal 2015-16.

Growth rates in various other sectors in Jan-March quarter are as follows, “‘Mining and quarrying’ (8.6 percent), ‘manufacturing’ (9.3 percent), ‘electricity, gas, water supply and other utility services’ (9.3 percent) ‘construction’ (4.5 percent), ‘trade, hotels, transport and communication’ (9.9 percent), ‘financial, real estate and professional services’ (9.1 percent), and ‘Public administration, defence and other Services’ (6.4 percent),” said the Central Statistics Office.

The Real GDP prices for the year 2015-16 is now estimated at Rs 113.50 lakh crore (Rs 113.51 lakh crore estimated earlier in February, 2016), showing a growth rate of 7.6 percent.

During FY 2015-16, the sectors which registered a growth rate of over 7.0 percent are ‘financial, real estate and professional services’ (10.3 percent), manufacturing (9.3 percent), ‘trade, hotels, transport, communication and services related to broadcasting’ (9.0 percent), and ‘mining and quarrying’ (7.4 percent). The growth in the ‘agriculture, forestry and fishing’, ‘construction’, ‘electricity, gas, water supply & other utility services’, ‘public administration, defence and other services’ is estimated to be 1.2 percent, 3.9 percent, 6.6 percent and 6.6 percent respectively.

As per the official data, the per capita income at current prices during 2015-16 is estimated to have attained a level of Rs 93,293 as compared to the First Revised Estimate for the year 2014-15 of Rs 86,879 showing a rise of 7.4 percent

The per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77435 as compared to Rs 72,889 for the year 2014-15. The growth rate in per capita income is estimated at 6.2 percent during 2015-16, as against 5.8 percent in the previous year, said the CSO.

The Gross National Income (GNI) at 2011-12 prices is now estimated at Rs 112.13 lakh crore as against Rs 112.14 lakh crore estimated in February 2016 during 2015-16.

Source: Information has been obtained from Central Statistics Office press release


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