New Delhi, Feb.8 (ANI): The NDA Government on Monday released data that forecasts GDP growth for fiscal 2015-16 to be an estimated 7.6 percent. It also said that it expected GDP growth in quarter three to be between 7.3 percent and 7.1 percent through to December 2015.
According to a release of the Ministry of Statistics and Programme Implementation, the Central Statistics Office (CSO) released the advance estimates of national income at constant (2011-12) and current prices for the fiscal 2015-16.
Growth rates of GDP in terms of constant prices and current prices were as follows:
. Annual 2015-16 (Advance) was 7.6 percent (constant prices) and 8.6 percent (current prices)
. Quarter 1 (April to June 2015) was 7.6 percent (constant prices) and 8.7 percent (current prices)
. Quarter 2 (July to September 2015) was 7.7 percent (constant prices) and 6.4 percent (current prices)
. Quarter 3 (October to December 2015) was 7.3 percent (constant prices) and 9.2 percent (current prices)
According to the ministry’s release, these estimates are based on anticipated level of agricultural production from the Ministry of Agriculture and Farmers Welfare, Department of Agriculture and Cooperation (DAC), Index of Industrial Production (IIP), monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of state government expenditure maintained by Comptroller and Auditor General of India (CAG).
Performance of key sectors like transport, including railways, road, air and water transport etc, communication, banking and insurance have been taken into account while compiling the estimates.
Performance of the corporate sector during April-December 2015 period has also been taken into account while compiling advance estimates, the ministry said in its release.
The estimated growth is the indicator compiled on the basis of employee expenses, profit before tax and depreciation of listed companies deflated by appropriate price indices has been used to extrapolate the corporate sector estimates of the same quarter of the previous year.
If the data comes in line with expectations, it would be faster than 6.8 percent growth posted by China in the same quarter.
Prior to the announcement, the Bombay Stock Exchange’s benchmark Sensex plunged 330 points to 24,287.42. The 50-share NSE Nifty slid 101.85 points or 1.36 per cent at 7,387.25 after shuttling between 7,363.20 and 7,512.55. (ANI)