The Central Statistics Office January 31 lowered the gross domestic product (GDP) growth estimate for 2010-11 to 8.4 per cent from an earlier estimated level of 8.5 per cent.
The downward revision came in the quick estimates of national income, consumption expenditure, saving and capital formation for 2010-11 released by Mr Srikant Jena, Minister of State (Independent charge) for Statistics and Programme implementation.
He said that these detailed estimates have been prepared based on the latest available data on agricultural production, industrial production, Government expenditure and also detailed data available from other source agencies.
The GDP at factor cost at constant prices in 2010-11 has registered a growth of 8.4 per cent over the previous year. The Gross National Income has registered a growth of 7.9 per cent over the previous year. The major source of growth in the GDP has been from the services sector which has grown at the rate of 9.3 per cent. The agriculture sector growth has also been impressive at 7 per cent.
The growth of the secondary sector which includes manufacturing and construction sector was 7.2 per cent. The GDP at constant prices at market prices has grown at 9.6 per cent.
The gross domestic savings at current prices in 2010-11 has been estimated at Rs 24.81 lakh crore which constituted 32.3 per cent of GDP at market prices. The savings rate in 2010-11 has declined from 2009-10.
Major reason for the decline is due to decrease in the rates of financial savings of household sector from 12.9 per cent to 10 per cent and the private corporate sector from 8.2 per cent to 7.9 per cent. The rate of savings of public sector has increased from 0.2 per cent to 1.7 per cent in 2010-11.
The Gross Domestic Capital Formation at current prices has increased from Rs 23.64 lakh crore to Rs 26.92 lakh crore in 2010-11. The rate of capital formation at current prices was 35.1 per cent in 2010-11 against 36.6 per cent during 2009-10.