India’s Economic growth has been estimated at 7.6% for the Financial Year 2016. The growth rate for the financial year 2015 was 7.2%.
This year the increase in the growth rate is resulted because of the growth attained in the manufacturing sector.
According to the estimation, if the new projections emerge, India will leave behind China and become the fastest growing major economy in the world.
Few estimates has been given by the Central Statistics Office (CSO), are illustrated as follows:-
Gross Domestic Products (GDP) or Economic Growth for the October-December quarter at 7.3% in this financial year.
GDP for the April-June quarter is recorded at 7.6%.
GDP for the July-September quarter recorded at 7.7%.
At 7.6 per cent, India would be growing at the fastest pace in the last five years, which was recorded highest in the year 2010-11 at 8.9%.
To meet the 7.6 per cent growth in the entire current year, the GDP has to increase by 7.8 per cent in the last quarter.
The manufacturing sector is estimated to grow at 9.5% in 2015-16, up from 5.5% a year ago.
The growth in the agriculture sector has been estimated at 1.1%, previous year which was projected as 0.2% decline.
Some sectors of the economy like mining and quarrying sector, electricity and power supply sector, is likely to witness a fall in the current financial year.
Economic Affairs Secretary Shaktikanta Das commented on the GDP growth and said that the direction of the numbers is very positive. The policy and reform measures, taken by the government in last one and a half years are showing results.
This year for the implementation of One Rank One Pension for retired Army personnel and the Seventh Pay Commission recommendations the government will have to bear the extra burden of Rs 1.1 lakh crore. But in order to meet the 7.6 per cent growth in the entire financial year, the government will have to reduce the gap between the expenditure and the revenue.
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