【New Delhi】Economic Affairs Secretary Shaktikanta Das on the 9th February said the 7.6 per cent GDP growth is "significant" amid the global turmoil and there is no need to be "sceptical". At the same time, he underscored the importance of reforms.
According to data of the Central Statistics Office (CSO), the economy is expected to grow at a 5-year high of 7.6 per cent in the current fiscal.
In his tweet, Das said: "Looking at our economy, we need to believe in ourselves. No need to be sceptical. That is a soft option."
The CSO data showed that the economy grew at 7.6 per cent in the first quarter, 7.7 per cent in second and 7.3 per cent in third.
○Growth in GVA in nominal terms by industry slowed to 7.2% in FY14
【New Delhi】Growth in gross value added in nominal terms by industry slowed to 7.2 per cent in 2013-14, after growing at 11.3 per cent in 2012-13, according to the Annual Survey of Industries (ASI) released on the 9th of February by the Central Statistics Office.
The ASI data also showed that gross capital formation contracted 5.6 per cent in 2013-14 after growing at 9.2 per cent the previous year, indicating the situation was not rosy in the investment front.
The latest numbers are in sync with the direction given in the gross value added provided in the gross domestic product (GDP) data. Growth in gross value added by industry fell to 9.4 per cent in 2013-14 from 10.9 per cent in the previous year.
Similarly, gross capital formation by industry contracted to 0.40 per cent after a growth of 7.32 per cent over this period.
ASI data, however, do not capture unregistered entities and hence there were some differences in the numbers between the GDP data and ASI numbers.
○ASI data shows contraction in investment in 2013-14
【New Delhi】The gross capital formation, an indicator of investments, fell 1.08% in 2013-14 to Rs 3.53 lakh crore from RS 3.57 lakh crore in 2012-13, according to the Annual Survey of Industries (ASI) provisional data released by the Ministry of Statistics and Programme Implementation.
The survey is the principal source of industrial statistics and covers all factories employing 10 or more workers using power and those employing 20 or more workers without using power.
The total number of factories increased 1.1% in 2013-14 while the number of workers employed there rose 3.7% at 1.04 crore from 1.005 crore in 2012-13.
These factories' profits saw a 2.1% on year increase to Rs 4.53 lakh crore from Rs 4.44 lakh crore.
India's Gross Domestic Product (GDP) growth rate growth rate for 2013-14 was revised upwards to 6.9% last year for 2013-14, as against 4.7% estimated earlier, after the government updated the base year for measuring national accounts from 2004-05 to 2011-12.
The same survey showed that addition in stock of finished products declined sharply by 56% in FY14 while rental costs rose 6.9%.
7.6% growth significant, no need to be sceptical: Shaktikanta Das
Industrial activity slowed in FY14
ASI data shows contraction in investment in 2013-14
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