Government of India has marginally revised downward the economic growth for 2014-15 to 7.2 per cent from the earlier estimate of 7.3 per cent after factoring in latest data on agriculture and industrial production.
“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 per cent during 2014-15, and 6.6 per cent during 2013-14,” said Central Statistics Office’s (CSO) revised estimates of national accounts released on Friday.
GDP growth rate for 2013-14 has also revised downwards to 6.6 per cent from earlier estimate of 6.9 per cent.
According to the statement, 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.
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 GVA (Gross Value Added) 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.
GVA as a concept was introduced by the CSO last year to measure value addition in the economy.
The downward revision in GVA for 2014-15 is on account of subdued performance of secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction.
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.