India's GDP accelerated to 7.3% in Q2 of 2016-17: CSO
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Posted on:01 Dec 2016 18:24:47
01 December 2016 Current Affairs: The Central Statistical Office (CSO) has announced that India’s Gross Domestic Product (GDP) accelerated to 7.3 percent in the second quarter (July-September) of 2016-17 financial year from a provisional 7.1 percent expansion in the previous quarter.
On the other hand, the Gross Value Added (GVA) increased to 7.1 percent. While GDP growth accelerated in the second quarter from the 7.1 percent seen in the April-June quarter, GVA growth slowed from the 7.3 percent registered in that period.
Both GDP and GVA growth were slower in Q2 of this financial year as compared with the Q2 of 2015-16. The Q2 of 2015-16 showed a GDP growth of 7.6 percent and GVA growth of 7.3 percent.
Highlights : The agriculture sector maintained the overall growth by registering a 3.3 percent GVA growth rate in Q2 of this financial year in comparison with 2 percent in Q2 of 2015-16.
The manufacturing sector saw a significant slowdown as it registered a GVA growth of 7.1 per cent in Q2 of this financial year as compared with 9.2 percent in Q2 of 2015-16.
The mining and quarrying sector slowed down by 1.5 percent in Q2 compared with the contraction of 0.4 percent in the first quarter and a growth of 5 percent in Q2 of 2015-16.
Output in sectors such as manufacturing, electricity, mining, services and others show a fall in the September quarter because they are not supported by demand.There was a drop in outputs across all sectors except for agriculture, construction and public administration.
Gross fixed capital formation was only 29 percent of GDP in Q2 of this financial year as compared with 32.9 percent in Q2 of 2015-16.
On the other hand, Government final consumption expenditure was 13 percent of GDP in the second quarter of this financial year compared with 12.1 percent in the previous year.Government final consumption expenditure (GFCE) grew 18.8 percent in Q1 of FY 2016-17 and 15.2 percent in Q2 of FY 2016-17.
Union Government’s Capital Expenditure (Plan and non-Plan) declined 12.81 percent to Rs 124959 crore in the quarter against Rs 143329 crore in the year-ago period.
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