08 Feb 2016 18:56 IST

India GDP to grow 7.6 per cent in FY'15-16: CSO

Growth indicates that India has outpaced China yet again

The Indian economy is estimated to grow 7.6 per cent this fiscal, the Central Statistics Office (CSO) said in its advance estimates on February 8.

This is much higher than the 7.2 per cent GDP growth recorded in 2014-15.

The latest advance estimate of 7.6 per cent is also higher than the 7-7.5 per cent range projected for the current fiscal by the Finance Ministry.

Meanwhile, the CSO pegged the third quarter GDP growth for 2015-16 at 7.3 per cent.

Simultaneously, the CSO has also today revised upwards the Q1 GDP growth to 7.6 per cent from 7 per cent estimated earlier.

Also, the second quarter GDP (for July-September) growth has been revised upwards to 7.7 per cent from 7.4 per cent earlier.

For 2015-16, the Gross Value Added (at basic pdices) is estimated to grow 7.3 per cent as against 7.1 per cent in 2014-15.

The sectors which are likely to register growth rate of over 7 per cent are ‘financial, real estate and professional services’, ‘trade, hotels, transport, communication and services related to broadcasting’ and manufacturing.

The growth in ‘agriculture, forestry and fishing’ and ‘mining and quarrying’ is estimated to grow 1.1 per cent and 6.9 per cent respectively.

Outpacing China

The third quarter GDP print of 7.3 per cent this fiscal would also mean that India has outpaced China yet again.

China had recorded 6.8 per cent growth during October-December 2015.

Even for the second quarter this fiscal, India's GDP growth at revised level of 7.7 per cent was higher than China's reported annual growth of 6.9 per cent during the three months ended September 30.