INDIA GROWTH @ 5 YEAR HIGH
Indian economy is expected to record a five-year high growth rate of 7.6 per cent in 2015-16 on improved performance in manufacturing and farm sectors. According the Central Statistics Office (CSO), the Gross Domestic Product (GDP) or economic growth is estimated at 7.3 per cent in October-December quarter of this fiscal. CSO has also revised upwards the GDP growth estimates for April-June and July-September quarters to 7.6 per cent and 7.7 per cent from earlier calculation of 7 per cent and 7.4 per cent, respectively. At 7.6 per cent, India would be growing at the fastest pace in the last five years. The previous high was recorded at 8.9 per cent in 2010-11. The real Gross Value Addition, a new concept introduced by CSO to measure economic growth, is projected at 7.3 per cent in this fiscal against 7.1 per cent in 2014-15. The manufacturing sector is estimated to grow at 9.5 per cent in 2015-16, up from 5.5 per cent a year ago. Similarly, in case of agriculture sector, the growth has been projected at 1.1 per cent as against decline of 0.2 per cent a year ago. The growth of mining and quarrying sector, electricity and power supply and other services is likely to witness deceleration during the current financial year.
Per capita income marginally up
India's per capita income during 2015-16 is likely to grow by 6.2 per cent to Rs 6,452.58 per month, government data showed today. "The per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77,431 as compared to Rs 72,889 for the year 2014-15", as per the data released by the Central Statistics Office (CSO). Also, the per capita net national income during 2015-16 is estimated to be growing at 7.3 per cent to Rs 7,769.25 per month as against Rs 7,239.92 per month in the previous fiscal. "The per capita net national income during 2015-16 is estimated to be Rs 93,231, showing a rise of 7.3 per cent, as compared to Rs 86,879 during 2014-15 with the growth rate of 9.4 per cent", according to the data. Besides, the CSO has estimated national income or the nominal net national income (at current prices) at Rs 119.62 lakh crore during 2015-16, as against Rs 110.08 lakh crore for 2014-15. The CSO, under the Ministry of Statistics and Programme Implementation, in its advance estimate for 2015-16, has projected the economy to grow at 7.6 per cent, the highest since 2010-11 when the GDP expanded by 8.9 per cent. The better performance in the current fiscal ending March is being attributed to improved manufacturing and farm growth. "The government should take proactive policy measures in the upcoming Budget, specifically focused on agriculture, infrastructure sector, steel, banking and financial sectors, among others, to revive the economy", industry body Assocham said.