Agencies, New Delhi
Gross Domestic Production growth will be at 6 point 5 per cent for the current Financial Year 2017-18 (FY18), according to advance estimates of Central Statistics Office. The GDP growth in the previous fiscal (FY 17) was at 7.1 per cent.
Briefing media persons here on Friday, Chief Statistician T C A Anant said that the next two quarters of the financial year will have a GDP growth of 7 per cent which will be better than the first two quarter of the fiscal.
The GDP growth rate for the first quarter of FY18 fell to a three-year low of 5.7 per cent. It was said that this had happened in expectation of implementation of Goods and Services Tax from July 1, this year.
In the second quarter, the economy showed signs of revival as the GDP growth rate picked up and stood at 6.3 per cent. The CSO estimate is lower than the 6.7 pc growth forecast of the Reserve Bank of India.
According to Mr Anant, Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2017-18 is likely to attain a level of Rs 129.85 lakh crore, as against the Provisional Estimate of GDP for the year 2016-17 of Rs 121.90 lakh crore, released on May 31 this year.
The growth in GDP during 2017-18 is estimated at 6.5 pc as compared to the growth rate of 7.1 per cent in the 2016-17 fiscal.According to him, Real Gross Value Added (GVA), i.e, GVA at basic constant prices (2011-12) is anticipated to increase from Rs 111.85 lakh crore in 2016-17 to Rs 118.71 lakh crore in the 2017-18 fiscal.