Government revises GDP growth for 2014-15 downwards to 7.2 percent


New Delhi: The government on Friday slightly revised downwards India’s gross domestic product (GDP) growth for 2014-15 to 7.2 percent from the 7.3 percent estimated earlier, according to an official statement here.

Central Statistics Office’s (CSO) revised estimates of national accounts released here today.

The real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at Rs.105.52 lakh crore and Rs.98.39 lakh crore, respectively, showing growth of 7.2 percent during 2014-15, and 6.6 percent during 2013-14,

The GDP growth rate for 2013-14 has also been revised downwards to 6.6 percent from the earlier 6.9 percent.

The CSO said estimates of GDP and other figures for the years 2011-12 to 2013-14 have also undergone revision, as a result of latest available data on agricultural and industrial production.

In terms of real gross value added (GVA) at 2011-12 basic prices, there has been a growth of 7.1 percent in 2014-15 as compared to a growth of 6.3 percent in 2013-14. GVA for 2014-15 was earlier estimated at 7.2 percent.

The downward revision in GVA for 2014-15 is owing to a subdued performance of the secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction, the government said.

The per capita net national income at current prices has been estimated as Rs.79,412 for 2013-14 and at Rs.86,879 in 2014-15.

The per capita private final consumption expenditure at current prices, for the years 2013-14 and 2014-15 is estimated at Rs.52,022 and Rs.56,772, respectively.

Gross savings during 2014-15 is estimated at Rs.41.17 lakh crore as compared to Rs.37.25 lakh crore during 2013-14.

The rate of gross saving to gross national disposable income (GNDI) for the year 2014-15 is estimated at 32.3 percent, which was the same as in 2013-14.

Household sector contribution to gross saving declined from 63.4 percent in 2013-14 to 57.8 percent in 2014-15 which the government attributed to a decline in household savings in physical assets, which has declined from Rs.14.61 lakh crore in 2013-14 to Rs.13.79 lakh crore in 2014-15.

Dis-saving of the central government has decreased from 4 percent in 2013-14 to 3.2 percent in 2014-15, the CSO added in this regard.

In gross capital formation (GCF), while the highest contributor – non-financial corporations’ – share has been rising steadily from 45.7 percent in 2011-12 to 52 percent in 2014-15, the share of the household sector has declined from 43.4 percent in 2011-12 to 33.9 percent in 2014-15.

Gross fixed capital formation (GFCF) amounted to Rs.38.44 lakh crore in 2014-15 as against Rs 35.64 lakh crore in 2013-14, the government said.(Inputs from IANS)(Picture Courtesy: