In keeping with with its earlier published calendar, the government, on Friday, said that India's growth numbers may have slowed but has exceeded projections made earlier in 2016.
"Real GDP at constant prices (of 2011-12) in the year 2016-17 is likely to attain a level of Rs 1.22 billion, as against provisional estimate of GDP for the year 2015-16 of Rs 1.14 billion, released on May 31, 2016," a statement from the ministry of statistics and programme implementation said.
"Due to demonetisation, large volatility was noticed in November data for sectors like bank deposit figures, insurance, real estate and professional services," said T.C.A. Anant , chief statistician of India, while releasing the first advance estimates of national income for 2016-17.
"We have kept these numbers out of the projection for this estimate," added Anant. He said the full impact of government's demonetisation move may not be apparently visible but could be more long term in nature.
The MoSPI is likely to publish its second estimate later by end February, and those estimates could consider economic numbers in all sectors post the demonetisation in November.
"At the moment it is not possible for us to attribute the drop in growth numbers to any particular policy change," Anant said, when asked about his views on the slowing down of growth numbers.
The growth rate in per capita income too have slowed down to 5.6 percent for 2016-17 as compared to 6.2 percent growth in per capita income the previous year.
"Even though growth in income is slower, private expenditure as well as government expenditures are higher, mostly as a factor of lower inflation and prices during the year," said Anant.
