The Central Statistical Organisation (CSO) may project FY17 gross domestic product (GDP) growth at 6.8- 6.9 percent in its second advance estimates, say government sources to CNBC-TV18. CSO will release the numbers on February 20.
Backed by consumption demand and government spending, the gross value added of the three production sectors -- agriculture, industry and services -- would grow at 3 percent, 6.1 percent and 9.1 percent year-on-year respectively in 2017-18, the agency said.
Notably, the Central Statistical Organisation (CSO) has predicted a growth rate of 7.1 percent and RBI pegs it at 6.9 percent for financial year 2016-17.
Even as the country's first quarter gross domestic product (GDP) was seen slowing from 7.5 percent to 7 percent, the number had a few economists befuddled.
Deepali Bhargava, economist, Credit Suisse says it will be important to see how the unseasonal rains impact prices going ahead. She says the RBI may cut rates in June policy. But she expects a pause on rate cuts post June 2015.
The consumer price inflation for January, based on new methodology, came in at 5.11 percent year-on-year, compared to 4.28 percent (also on new base) in December.
Chief Economic Advisor Arvind Subramanian, who has made out a case for increasing public investment due to sluggish growth, was the first to express some degree of disbelief in the new numbers.
The National Statistical Commission has suggested that the base year for computing national account should be revised every five years.
India's FY14 GDP is likely to come in at 4.9 percent, says Central Statistical Organisation. A CNBC-TV18 poll of economists had pegged the FY14 GDP at 4.72 percent.
Seeking to dispel fears over the state of economy, Finance Minister P Chidambaram today said the country will return to high growth of 7 per cent in two years and promised adequate public spending to stimulate it.
Sonal Varma, economist- India, Nomura Financial Advisory and Securities maintains that the Central Statistical Organisation's (CSO) FY13 estimates of GDP at 5 percent fall below the expected range of 5.3-to-5.5 percent.
Terming decline in economic growth rate to nine-year low of 6.5% in 2011-12 as "disappointing", Finance Minister Pranab Mukherjee today said the government will take "necessary steps" to improve growth.
Central Statistical Organisation (CSO) has pegged GDP growth for FY12 at 6.9%. Indranil Sengupta, chief economist India at BoAML sees FY13 GDP growth at 6.8%. “The recovery process for the economy will extend into the second half of the next year,” he adds.
Sajjid Chinoy of JPMorgan and Samiran Chakrabarty, head of research, Standard Chartered Bank gave their views on how they are reading the IIP data and how they see the market reacting to these slower than expected numbers.
Gaurav Kapur of Royal Bank of Scotland and Taimur Baig of India Global Markets Research, Deutsche Bank spoke to CNBC-TV18 about how they have read the GDP numbers and what their key takeaways are from the CSO's report card on India’s fiscal fourth quarter.
Ridham Desai, the managing director of Morgan Stanley, on the sidelines of the Morgan Stanley India Conference says we have been continuously hit by a slew of negative news. "From alleged corruption scandals, to high interest rates and inflation numbers, all this newsflow has not been kind to the market."
Powered by expansion in the services sector, the government has pegged India’s economic growth for the financial year 2011 at 8.6% versus the 8% recorded last year.
The Central Statistical Organisation (CSO) will release the final growth forecast for FY11 today. CNBC-TV18’s banking editor Latha Venkatesh reports that the number could be crucial because it gives the first indication of what the CSO is expecting by way of Rabi harvest in the second half agricultural growth number.