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Govt estimates 7.1% economic growth in 2016-17

The country’s economy is likely to grow at 7.1 per cent this fiscal, according to an official release. The country’s…

Govt estimates 7.1% economic growth in 2016-17

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The country’s economy is likely to grow at 7.1 per cent this fiscal, according to an official release.

The country’s GDP growth during 2016-17 is estimated at 7.1 per cent as compared to 7.6 per cent in 2015-16, the First Advance Estimates of National Income stated in the release.

Chief statistician TCA Anant said that the growth rate in per capita income is estimated at 5.6 per cent in 2016-17 as against 6.2 per cent in the previous year.

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The anticipated growth of real GVA (gross value added, which excludes taxes and subsidies) in 2016-17 is 7 per cent against 7.2 per cent in 2015-16, the release added.

The GVA at basic prices for 2016-17 for manufacturing sector is estimated to grow by 7.4 per cent as compared to growth of 9.3 per cent in 2015-16.

The agriculture, forestry and fishing sector is likely to show a growth of 4.1 per cent in its GVA during 2016-17, as against the previous year's growth rate of 1.2 per cent.

The estimated growth in GVA for financial, insurance, real estate and professional services sector during 2016-17 is placed at 9.0 per cent as compared to growth of 10.3 per cent in 2015-16.

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