India's 2014-15 GDP growth revised down to 7.2%

30 Jan '16

2 min read

The Central Government has marginally revised downward India's GDP 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 the Central Statistics Office's (CSO) revised estimates of national accounts.

The CSO also revised downwards the GDP growth rate for 2013-14 to 6.6 per cent from earlier estimate of 6.9 per cent.

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 and other utility services, and construction. (SH)

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