GDP growth rate for FY18 revised upwards to 7.2% from 6.7%

In terms of gross value added at constant (2011-12), there has been a growth of 6.9 per cent in 2017-18, as against growth of 7.9 per cent in 2016-17. The CSO statement pointed that growth in real GVA during 2017-18 has been lower than that in 2016-17 mainly due to relatively lower growth in agriculture, forestry & fishing, mining and quarrying, manufacturing, electricity, gas, water supply & other utility services, communication & services related to broadcasting and real estate, ownership of dwelling & professional services.

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

At Rs 52.16 lakh crore, the gross saving during 2017-18 grew over Rs 46.48 lakh crore during 2016-17. The gross saving to GNDI ratio crossed 30 per cent and stood at 30.1 per cent for 2017-18 as against 29.9 per cent for 2016-17.

The highest contributor to gross saving was the household sector with saving of Rs 29.38 lakh crore accounting for 56.3 per cent of the gross savings in 2017-18. The saving of non-financial corporations increased from Rs 18.1 lakh crore in 2016-17 to Rs 20.73 lakh crore in 2017-18. Further, the saving of the financial corporations also increased from Rs 3.37 lakh crore to Rs 3.68 lakh crore over the same period.

The saving of General Government was (-) Rs 1.21 lakh crore during 2016-17 and (-) Rs 1.63 lakh crore in 2017-18.