The economic growth of the country for 2014-15 has been marginally revised downward to 7.2 per cent from the earlier estimated 7.3 per cent after factoring in latest data on agriculture and industrial production.
According to the data released on Friday by Central Statistics Office (CSO), the real gross domestic product (GDP) or GDP at constant in 2011-12 prices for the years 2014-15 and 2013-14 stand at `105.52 lakh crore and `98.39 lakh crore respectively, showing a growth of 7.2 per cent during 2014-15, and 6.6 per cent during 2013-14,” said CSO revised estimates of national accounts.
However, the GDP growth rate for 2013-14 has also revised downwards to 6.6 per cent from earlier estimate of 6.9 per cent. “The estimates of GDP and other aggregates for the years 2011-12 to 2013-14 have also undergone revision due to use of latest available data on agricultural production and industrial production,” the statement added.
last year, the CSO had estimated the GDP growth rate for 2014-15 and 2013-14 at 7.3 per cent and 6.9 per cent, respectively. The office said in terms of real Gross Value Added (GVA) at constant (2011-12) basic prices, there has been a growth of 7.1 per cent in 2014-15 as against growth of 6.3 per cent in 2013-14. The GVA for 2014-15 was earlier estimated at 7.2 per cent.
In fact, the GVA is a concept which was introduced by the CSO last year to measure value addition in the economy. The downward revision in the GVA for 2014-15 is on account of subdued performance of secondary sector comprising manufacturing, electricity, gas, water supply and other utility services including construction services too.
The growth rate in secondary sector estimated at 5.4 per cent down from earlier projection of 6.3 per cent. However, the growth rate for the primary farm and allied activities and tertiary services sectors have been revised upwards to 1.3 per cent and 10.3 per cent, from earlier estimates of 0.3 and 10.2 per cent respectively. According to national accounts data, the per capita net national income at current prices is estimated as `79,412 and `86,879, respectively for the years 2013-14 and 2014-15. Similarly the per capita Private Final Consumption Expenditure at current prices, for the years 2013-14 and 2014-15 is estimated at `52,022 and `56,772, respectively.
The gross saving during 2014-15 is estimated as `41.17 lakh crore as against `37.25 lakh crore during 2013-14. The rate of gross saving to Gross National Disposable Income 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.