Govt revises FY12 GDP to 6.2% from 6.5%
New Delhi: Government on Thursday revised downward the economic growth for fiscal 2011-12 to 6.2 percent from the earlier estimate of 6.5 percent.
However, as per the first revised estimates of National Income, Consumption Expenditure, Saving and Capital Formation, the GDP (Gross Domestic Product) for the fiscal 2010-11 has been revised upwards to 9.3 percent from 8.4 percent.
"GDP at factor cost at constant (2004-05) prices in 2011-12 is estimated at Rs 52,43,582 crore as against Rs 49,37,006 crore in 2010-11, registering a growth of 6.2 percent during the year as against a growth of 9.3 percent in the year 2010-11," the estimates showed.
The estimates were released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation for 2011-12, along with second revised estimates for the year 2010-11 and third revised estimates for 2009-10.
At current prices, CSO said, GDP in 2011-12 is estimated at Rs 83,53,495 crore as against Rs 72,66,967 crore in 2010-11, showing an increase of 15 per cent, as against an increase of 19 per cent in the previous fiscal.
The CSO said that the per capita income in real terms (at 2004-05 prices), is estimated at Rs 38,037 for 2011-12 as against Rs 36,342 in 2010-11, registering an increase of 4.7 percent during the year, as against an increase of 7.2 percent during the previous year.
The per capita income at current prices is estimated at Rs 61,564 in 2011-12 as against Rs 54,151 for the previous year depicting a growth of 13.7 percent, as against an increase of 17.1 percent during the previous year.
The data further further said that the growth in the GDP during 2011-12 has been achieved due to expansion in financing, insurance, real estate and business services (11.7 percent), transport, storage and communication (8.4 percent), electricity, gas and water supply (6.5 percent) and trade, hotels and restaurants (6.2 percent).
On the Gross Domestic Saving (GDS) front, the growth at current prices in 2011-12 slowed to 30.8 percent of GDP at market prices as against 34 percent in the previous year.
The GDS is estimated at Rs 27,65,291 during last fiscal crore as against Rs 26,51,934 crore in 2010-11.
The slower growth in GDS has mainly been due to decline in financial savings of household sector from 10.4 percent to 8 percent, private corporate sector from 7.9 percent to 7.2 percent and that of public sector from 2.6 percent to 1.3 percent in 2011-12 as compared to 2010-11.
At constant (2004-05) prices, the Gross National Income (GNI) at factor cost in 2011-12 is estimated at Rs 51,96,848 crore as against Rs 48,82,249 crore in 2010-11, showing a rise of 6.4 percent during the year, the CSO said. The increase was 8.8 percent in the previous year.
At current prices, the GNI in 2011-12 is estimated at Rs 82,76,665 crore as compared to Rs 71,85,160 crore in 2010-11, showing a rise of 15.2 percent as against an increase of 18.4 percent in the previous year.
In absolute terms, CSO said, the saving of the household sector has increased from Rs 18,32,901 crore in 2010-11 to Rs 20,03,720 crore in 2011-12, increasing by 9.3 percent. The saving of private corporate sector has gone up by 4.1 per cent from Rs 6,19,370 crore in 2010-11 to Rs 6,44,473 crore in 2011-12.
On the other hand, saving of public sector has gone down by 41.4 percent from Rs 1,99,662 crore in 2010-11 to Rs 1,17,097 crore in 2011-12.
The Gross Domestic Capital Formation has increased from Rs 28,71,649 crore in 2010-11 to Rs 31,41,465 crore in 2011-12 at current prices and it increased from Rs 21,20,377 crore in 2010-11 to Rs 21,31,839 crore in 2011-12 at constant (2004-05) prices.
The rate of growth of Gross Capital Formation at current prices stood at 35 percent in 2011-12 as against 36.8 percent in 2010-11. The rate of growth of Gross Capital Formation at constant (2004-05) prices is 37.9 percent in 2011-12 as against 40.0 percent in 2010-11.
The data further revealed that at constant prices, the primary sector, i.e. Agriculture, forestry & fishing has shown a growth of 3.6 percent during 2011-12 as against 7.9 percent during the year 2010-11.
The growth of secondary sector is 3.5 percent and that of service sector is 8.2 percent during 2011-12, as against a growth of 9.2 percent and 9.8 percent, respectively, in the previous year.
The CSO said that the first revised estimates for the year 2011-12 (earlier called Quick Estimates) have been compiled using industry-wise/institution-wise detailed information instead of the benchmark indicator method.