Central
Statistics Office (CSO) in its release on 8 February 2014 estimated that
India’s economic growth in the current (2013-14) fiscal will be 4.9 percent as
compared to the growth rate of 4.5 percent in 2012-13. In its release, CSO said
that the growth rate in the manufacturing and mining sectors will continue to
remain a cause of concern.
CSO
in its estimation said that the Per Capita Income at current prices will be
74920 as compared to 67839 during 2012-13. This rise in Per Capita
Income has rose by 10.4
percent. CSO has also decided the Net National Income at factor cost at current
prices will be 92.4 lakh crore rupees during 2013-14 as compared to 82.6 lakh
crore rupees during 2012-13. This will be a rise of 11.9 percent. It also
highlighted the Gross Domestic Product (GDP) for the year 2013-14 will be 105.4
lakh crore rupees showing a growth rate of 12.3 percent over the First Revised
Estimate of GDP for the year 2012-13 of 93.9 lakh crore rupees.
The
advance estimates of the Central Statistics Office (CSO) that is functional
under Ministry of Statistics and Programme Implementation are based on
•
Level of agricultural production from the Ministry of Agriculture, Department
of Agriculture & Cooperation (DAC), Index of Industrial Production (IIP)
•
Monthly accounts of Union Government Expenditure maintained by Controller
General of Accounts (CGA)
•
State Government expenditure maintained by Comptroller and Auditor general of
India (CAG)
The
estimations also depends upon the performance of key sectors like transport
including railways, road, air and water transport etc. It has also taken into
consideration of things like communication, banking and insurance. The advance
estimates at current prices are derived by estimating the implicit price
deflators (IPDs) at sectoral level from the relevant price indices. Earlier, in
its revised estimates from the provisional forecast of 5 percent, CSO lowered
the growth for 2012-13 fiscal to 4.5 percent. C Rangarajan, the Chairman of the
Prime Minister’s Economic Advisory Council described this revision as
encouraging indication that the economic slowdown is over.
Economic Statistics
Economic
Statistics covers statistics on Employment, Industry, National Accounts,
Prices, Transport and Communication and Trade. Some of the statistics is
compiled using administrative data while others are through conducting business
surveys. There are instances where a combination of administrative and business
surveys data are used to augment each other.
