Agriculture

India’s GDP projected to grow at 7.6% in 2015-16

Agriculture, forestry and fishing sector is estimated to grow only marginally at 1.1 per cent

 
By Karnika Bahuguna
Last Updated: Wednesday 10 February 2016

India’s per capita income is predicted to grow at 6.2 per cent during 2015-16 (ThinkStock Images)

The growth in India’s gross domestic product (GDP) in the current financial year, ending in March, is projected at 7.6 per cent according to the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation. This projected growth rate is slightly higher than previous year’s 7.2 per cent.

The CSO released advance estimates of national income on February 8. It predicted the country’s per capita income to grow at 6.2 per cent during 2015-16, as against 5.8 per cent in 2014-15.

The sectors which are likely to register growth rate of over 7.0 per cent are—finance, real estate and professional services, trade, hotels, transport, manufacturing and communication and services related to broadcasting, the CSO said.

The growth of primary sector may be falling back among others. The growth in agriculture, forestry and fishing sector is estimated at 1.1 per cent. This is better than the sector’s performance last year, when the sector registered (-) 0.2 per cent growth rate.  

Livestock products, forestry and fisheries segments within the agriculture sector are expected to register a combined growth of above 5 per cent in 2015-16, CSO said.

Quoting the information provided by the Department of Agriculture, Cooperation and Farmer’s Welfare, the CSO said that production of food grains is expected to decline by 0.5 per cent in the current agriculture year. The decline in production of food grains was 4.9 per cent in the previous agriculture year (July to June).

Production of oilseeds is also expected to decline by 4.1 per cent as compared to the decline of 16.0 per cent in the previous agriculture year, the CSO said. Production of horticultural crops like fruits and vegetables is expected to increase by 0.6 per cent in 2015-16 as against 1.7 per cent in the previous year.

All crops including fruits and vegetables account for about 61 per cent of GDP in agriculture, forestry and fishing sector.

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