Gross Domestic Product
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has come up with the Gross Domestic Product (GDP) estimates for the second quarter (July-September) of 2016-17. Accordingly, the Indian economy has grown at the rate of 7.3% in the second quarter. This is up from the 7.1% recorded in the previous three months. The improvement in performance is due to improved performance of manufacturing, services and trade sectors. The GDP was 7.6% in the second quarter of last fiscal.
The Gross Value Added (GVA), which is estimated at the basic price, recorded growth of 7.1% in the second quarter of 2016-17. It was 7.3% in the last fiscal. Under the new methodology, the GDP growth data is being calculated at market price. On the other hand, GVA is computed primarily at factor cost.
GDP = GVA plus taxes on products, minus subsidies on them.
The sectors of the economy which registered more than 7% growth in the second quarter are: public administration, defence and other services; financial, insurance, real estate and professional services; manufacturing; and trade, hotels and transport and communication and services related to broadcasting.