31 January,New Delhi
India’s growth rate was revised to 7.9 per cent for 2015-16 fiscal against an earlier estimated 7.6 per cent, according to government data released here on Tuesday.
“Real Gross Domestic Product or GDP at constant (2011-12) prices for 2015-16 stands at Rs 113.58 lakh crore, showing a growth of 7.9 per cent,” the revised estimates data released by the Ministry of Statistics and Programme Implementation showed.
In terms of Gross Value Added (which excludes taxes and subsidies), the growth for 2015-16 was revised to 7.8 per cent against an earlier estimation of 7.2 per cent.
The revision has occurred because of change in estimates of production of some crops, livestock products, fish and forestry products and use of annual financial reports of public and private sector companies, the ministry statement said.
Revised estimates of sales tax and other items in central and state government budget documents instead of budget estimates have been used and key financial indicators derived from advance filings of a small sample of companies have been replaced with actual analysis of financial reports of a larger sample of public and private sector companies, it added.