The Union government on Thursday made a huge upward revision of the economic growth rate for financial years 2016-17 and 2017-18. According to the new data, the government has revised the GDP growth for FY17 by 110 basis points from 7.1 per cent to 8.2 per cent and for FY18 from 6.7 per cent earlier to 7.2 per cent.
"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said.
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent.
"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 31st May, 2018," said the Central Statistics Office (CSO).
The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17.
During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5 per cent, 6 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year.
The revision of GDP estimates comes amid the controversy over a media report about an unreleased NSSO survey which showed that unemployment in the country had reached a 45-year high of 6.1 per cent.
The report in Business Standard accesses data from the National Sample Survey Office's (NSSO's) periodic labour force survey (PLFS), which is yet to be released by the Modi government. The controversy is expected to come up in the budget session of Parliament, which commenced on Thursday.
—With inputs from PTI
