Demonetisation impacts India's GDP: 10 key things to know

Ministry of Statistics & Programme Implementation on Wednesday released India's Gross Domestic Product (GDP) numbers for the January-March 2017 quarter.

Showing the real picture of demonetisation impact, GDP at constant (2011-12) prices in Q4 of 2016-17 is estimated at Rs 32.28 lakh crore, as against Rs 30.42 lakh crore in Q4 of 2015-16, showing a growth rate of 6.1%. 

Here are 10 things to note about India's GDP:

1. India's GDP at constant (2011-12) prices in Q4 of2016-17 is estimated at Rs 32.28 lakh crore, as against Rs 30.42 lakh crore in Q4 of 2015-16, showing a growth rate of 6.1 percent.  

2. Real GDP or GDP at constant (2011-12) prices for the year 2016-17 is estimated at Rs 121.90 lakh crore showing a growth rate of 7.1 percent over the year 2015-16 of Rs 113.81 lakh crore. 

3. Real GVA, i.e, GVA at basic constant (2011-12) prices for the year 2016-17 is estimated at Rs 111.85 lakh crore showing a growth rate of 6.6 percent over the GVA for the year 2015-16 of Rs 104.91 lakh crore.

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4. The Gross National Income (GNI) at 2011-12 prices is estimated at Rs 120.35 lakh crore during 2016-17, as against the previous year’s estimate of Rs 112.46 lakh crore. In terms of growth rates, the gross national income is estimated to have risen by 7.0 percent during 2016-17, in comparison to the growth rate of 8.0 percent in 2015-16.

5. The per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to attain a level of Rs 82,269 as compared to Rs 77,803 for the year 2015-16. The growth rate in per capita income is estimated at 5.7 percent during 2016-17, as against 6.8 percent in the previous year.

6.  The consumer price index has shown a rise of 3.6 per cent during Q4 of 2016-17. The wholesale price index (WPI), in respect of the groups, food articles, minerals, manufactured products, electricity and all commodities, has risen by 2.2 per cent, 7.2 percent, 3.2 percent, 3.3 percent and 5.0 percent, respectively during Q4 of 2016-17. 

7. Based on the new series of IIP and WPI, GDP growth rate for the full financial year in 2015-16 stood at 8%, 2014-15 was at 7.5%, 2013-14 was at 6.4% and 2012-13 was at 5.5%. Compared to old series, for the full financial year, GDP in 2015-16 was at 7.9%, in 2014-15 was at 7.2%, in 2013-14 was at 6.5%, in 2012-13 was at 5.5%.

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8. Based on the new series, WPI of all commodities for the Q4FY17 stood at 5%, 1.75 in Q3, -0.7% in Q2 and 1.7% in Q1. 

9. According to the latest estimates at current prices available on the IIP, the index of mining, manufacturing and electricity registered growth rates of 7.7percent, 1.8 percent and 4.3 percent respectively, in Q4 of 2016-17. In the transport and communication sectors, the sale of commercial vehicles and cargo handled at major ports, registered growth rates of 5.7 percent and 4.7 percent respectively in Q4 of 2016-17.

10.  The Private Final Consumption Expenditure (PFCE) and Government Final Consumption Expenditure (GFCF) at constant (2011-12) prices in Q4 of 2016-17 are estimated at Rs 18.48 lakh crore and  Rs 9.19 lakh crore, respectively. The rates of PFCE and GFCF as percentage of GDP in Q4 of 2016-17were 57.3 percent and 28.5 percent, respectively, as against the corresponding rates of 56.6 percent and 30.8 percent, respectively in Q4 of 2015-16.