The Centre on Thursday revised the Gross Domestic Product growth rate for the 2017-’18 financial year to 7.2% instead of the 6.7% estimated earlier.
“The first revised estimates for 2017-’18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of provisional estimates on May 31, 2018,” said the Central Statistics Office.
The GDP estimates and other aggregates for 2015-’16 and 2016-’17 were also revised using latest available data on agricultural production, industrial production, and government expenditure, it added.
“Real GDP or GDP at constant [2011-’12] prices for 2017-’18 and 2016-’17 stand at Rs 131.8 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2% during 2017-18 and 8.2% during 2016-’17,” the government said.
Earlier this month, the government said the GDP growth in the 2018-’19 financial year was estimated to be 7.2%. The GDP grew at 7.1% in the July-September 2018 quarter, against 8.2% in the April-June 2018 period. The sectors that are expected to register a growth rate of more than 7% in 2018-’19 are “electricity, gas, water supply and other utilities”, construction, manufacturing, and “public administration, defence and other services”.
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