Ahead of Budget announcement, govt revises GDP growth from 6.7 to 7.2 per centhttps://indianexpress.com/article/business/ahead-of-budget-announcement-govt-revises-gdp-growth-from-6-7-to-7-2/

Ahead of Budget announcement, govt revises GDP growth from 6.7 to 7.2 per cent

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the Central Statistics Office (CSO) informed.

Ahead of Budget announcement, govt revises GDP growth from 6.7 to 7.2 %
The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17. (Representational Image)

Prior to the announcement of the Union Budget, the BJP-led central government Thursday revised the Gross Domestic Product (GDP) growth for 2017-18 fiscal as 7.2 per cent from 6.7 per cent which was estimated previously.

“Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17,” the Central Statistics Office (CSO) was quoted as saying by PTI.

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Earlier, the CSO in its advance estimate had pitched the GDP growth rate for 2018-19 at 7.2 per cent.

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“The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018,” informed the CSO.

The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17.

During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5 per cent, 6 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year.