GVA improved 7.1% in Q1FY2016
India's gross domestic product (GDP) growth at constant (2011-12) prices slowed down to 7.0% in Q1FY2016 from 7.5% growth recorded in the previous quarter. Quarterly GVA at Basic Price at constant (2011-2012) prices exhibited recovery in growth to 7.1% in Q1FY2016 from 6.1% growth recorded in the previous quarter.The economic activities which registered growth of over 7% in Q1FY2016 over Q1FY2015 are 'manufacturing', 'trade, hotels and transport & communication and services related to broadcasting' and 'financial, insurance, real estate and professional services'. The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'electricity, gas, water supply & other utility services, 'construction' and 'public administration, defence and other services' is estimated to be 1.9%, 4.0%, 3.2%, 6.9% and 2.7% respectively during this period.
Agriculture, forestry and fishing
Quarterly GVA at basic prices for Q1FY2016 from 'agriculture, forestry and fishing' sector grew by 1.9% as compared to growth of 2.6% in Q1FY2015. The production of rice, wheat, coarse cereals and pulses registered growth rates of (-) 8.0%, (-) 7.2%, (-) 1.4% and (-) 12.8% respectively during the Rabi season of agriculture year 2014-15 (which ended in June 2015). Among the commercial crops, the production of oilseeds declined by 17.6% during the Rabi season of 2014-15. The crops including fruits and vegetables account for about 59.0% of GDP in 'agriculture, forestry and fishing' sector. Around 41.0% of GVA of this sector is based on the livestock products, forestry and fisheries, which registered a combined growth of above 6% in Q1FY2016.
Mining and quarrying
Quarterly GVA at basic prices for Q1FY2016 from 'mining and quarrying' sector grew by 4.0% as compared to growth of 4.3% in Q1FY2015. The key indicators of mining sector, namely, production of coal, crude oil and natural gas and IIP mining registered growth rates of 7.3%, (-) 0.9%, (-) 4.2% and 0.7%, during Q1FY2016 as compared to 6.6%,(-) 0.1%, (-) 3.9% and 2.9% in Q1FY2015. As per the available information, private corporate sector growth in the mining sector as estimated for major listed companies of BSE and NSE at current prices is 8% in Q1FY2016 as compared to 23.5% in Q1FY2015.
Manufacturing
Also Read
Quarterly GVA at basic prices for Q1FY2016 from 'manufacturing' sector grew by 7.2% as compared to growth of 8.4% in Q1FY2015. The private corporate sector growth (which has a share of around 65% in the manufacturing sector) as estimated from available data of listed companies with BSE and NSE is 7.9% at current prices during Q1FY2016 as against 13.8% in Q1FY2015. The quasi corporate and unorganized segment (which has a share of around 27% in the manufacturing sector) has been estimated using IIP of manufacturing. IIP manufacturing registered growth rates of 3.6% during Q1FY2016 as compared to 3.9% in Q1FY2015.
Electricity, Gas, water supply and other utility services
Quarterly GVA at basic prices for Q1FY2016 from 'Electricity ,Gas, water supply and other utility services' sector grew by 3.2% as compared to growth of 10.1% in Q1FY2015. The key indicator of this sector, namely, IIP of Electricity registered growth rate of 2.3% during Q1FY2016 as compared to 11.3% in Q1FY2015.
Construction
Quarterly GVA at basic prices for Q1FY2016 from 'Construction' sector grew by 6.9% as compared to growth of 6.5% in Q1FY2015. Key indicators of construction sector, namely, production of cement and consumption of finished steel registered growth rates of 0.9% and 7.1%, respectively, during Q1FY2016 as compared to 9.6% and 0.7% respectively, in Q1FY2015.
Trade, hotels and Transport & communication and services related to broadcasting
Quarterly GVA at basic prices for Q1FY2016 from this sector grew by 12.8% as compared to growth of 12.1% in Q1FY2015. Key indicator used for estimating GVA from Trade sector is the sales tax growth. As per the available monthly data on state accounts available from CAG website, sales tax collection grew by 9.4% during Q1FY2016. Indicator used for measuring GVA from hotels and restaurant sector is the private corporate growth in this sector. The private corporate sector growth in the hotels and restaurant sector as estimated from available data from listed companies with BSE and NSE at current prices is 24.8% during Q1FY2016. Among the other services sectors, the key indicators of railways, namely, the net tonne kilometres and passenger kilometres have shown growth rate of 1.0% and (-)5.8% respectively during Q1FY2016. In case of other transport sectors, passengers handled by the civil aviation, cargo handled by the civil aviation and cargo handled at major ports registered growth rates of 15.3%, 8.7% and 4.5%, respectively, during Q1FY2016 as compared to 7.5%, 6.2% and 4.2% in Q1FY2015. Sales of commercial vehicles registered 3.6% growth during Q1FY2016 as against a decline of 16.1% in Q1FY2015.
Financial, insurance, real estate and professional services
Quarterly GVA at basic prices for Q1FY2016 from this sector grew by 8.9% as compared to growth of 9.3% in Q1FY2015. Major component of this industry is the real estate and professional services which has a share of 73.0%. The key indicators of this sector are the quarterly growth of corporate sector for real estate sector and computer related activities which as estimated from available data from listed companies with BSE and NSE at current prices is 3.0% and 7.5%, respectively, during Q1FY2016. The other indicators of this sector, viz., aggregate bank deposits, and bank credits have shown growth rates of 11.4%, and 9.3%, respectively as on June 2015 as against growth of 12.4% and 13.3% respectively as on June 2014.
Public administration and defence and other services
Quarterly GVA at basic prices for Q1FY2016 from this sector grew by 2.7% as compared to growth of 2.8% in Q1FY2015. The key indicator of this sector namely, union government expenditure grew by 4.2% during Q1FY2016 as compared to 8.2% in Q1FY2015.
Powered by Capital Market - Live News