MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) & (b) The revisions in the growth rate of Gross Domestic Product
(GDP) at factor cost at constant (2004-05) prices for the last three
years are given in the table below:
(Percent) 2010-11 2011-12 2012-13
Advance Estimates 8.6 6.9 5.0
Provisional Estimates 8.5 6.5 5.0
First Revised Estimates 8.4 6.2 4.5
Second Revised Estimates 9.3 6.7
Third Revised Estimates 8.9
Source: Central Statistics Office
Advance Estimates (AEs) of GDP growth are prepared using sector-wise
indicators of growth, as available for eight or nine months of the
financial year. AEs are revised in the Provisional Estimates on the
basis of information that becomes available for the entire financial
year. Subsequent revisions in the First, Second and Third Revised
Estimates are done based on the availability of: revised estimates
and actuals of the budgetary transactions of the Central and State
Governments; financial statements of major public sector undertakings
(PSUs) of Central and State Governments, private corporate sector,
etc.; detailed production information on sectors like agriculture,
animal husbandry, civil aviation, etc; improved coverage of accounts
of PSUs, autonomous bodies, local bodies, private corporate sector;
data from the State Directorates of Economics & Statistics; results
of the Annual Survey of Industries for manufacturing sector; and
improved coverage of State-level information. The revision of GDP
growth estimates is, thus, necessitated by the incorporation of
fresh and revised information, as and when they become available.
(c) The Government of India has taken several steps to increase the
rate of growth in the economy that, inter alia, include: measures
to speed up implementation of projects through the Cabinet Committee
on Investment, chaired by the Prime Minister; boost to infrastructure
financing by encouraging Infrastructure Debt Funds and steps to enhance
credit to infrastructure companies; strengthening of financial and banking
sectors; steps to achieve fiscal consolidation and to control current account
deficit and inflation, thereby providing a stable macro-economic environment
conducive to growth; liberalisation of foreign capital inflows, including
foreign direct investment, to several sectors; and, steps to boost
manufacturing growth. In the Interim Budget 2014-15, the Government
has announced reduction in excise duties in certain sectors of the
economy in order to stimulate growth.
