 "GDP growth for 2014-15 revised downward to 7.2%")
The government on Friday slightly revised downwards India's gross domestic product (GDP) growth for 2014-15 to 7.2 per cent from the 7.3 per cent estimated earlier, according to an official statement here.
"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," Central Statistics Office's (CSO) revised estimates of national accounts released here showed.
The GDP growth rate for 2013-14 has also been revised downwards to 6.6 per cent from the earlier 6.9 per cent.
The CSO said estimates of GDP and other figures for the years 2011-12 to 2013-14 have also undergone revision, as a result of latest available data on agricultural and industrial production.
In terms of real gross value added (GVA) at 2011-12 basic prices, there has been a growth of 7.1 per cent in 2014-15 as compared to a growth of 6.3 per cent in 2013-14. GVA for 2014-15 was earlier estimated at 7.2 per cent.
The downward revision in GVA for 2014-15 is owing to subdued performance of the secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction, the government said.
The per capita net national income at current prices has been estimated as Rs 79,412 for 2013-14 and at Rs 86,879 in 2014-15.
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The per capita private final consumption expenditure at current prices, for the years 2013-14 and 2014-15 is estimated at Rs 52,022 and Rs 56,772, respectively.
Gross savings during 2014-15 is estimated as Rs 41.17 lakh crore as compared to Rs 37.25 lakh crore during 2013-14.
The rate of gross saving to gross national disposable income (GNDI) for the year 2014-15 is estimated as 32.3 per cent, which was the same as in 2013-14.
Household sector contribution to gross saving declined from 63.4 per cent in 2013-14 to 57.8 per cent in 2014-15 which the government attributed to a decline in household savings in physical assets, which has declined from Rs 14.61 lakh crore in 2013-14 to Rs 13.79 lakh crore in 2014-15.
Dis-saving of central government has decreased from 4 per cent in 2013-14 to 3.2 per cent in 2014-15, the CSO added in this regard.
In gross capital formation (GCF), while the highest contributor - non-financial corporations' - share has been rising steadily from 45.7 per cent in 2011-12 to 52 per cent in 2014-15, the share of the household sector has declined from 43.4 per cent in 2011-12 to 33.9 per cent in 2014-15.
Gross fixed capital formation (GFCF) amounted to Rs 38.44 lakh crore in 2014-15 as against Rs 35.64 lakh crore in 2013-14, the government said.