The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Quick estimates of national income, consumption expenditure, saving and capital formation for the financial year 2010-11. The estimates of GDP and other aggregates for the previous years have been revised on account of using the new series of the Index of industrial production (IIP) with base 2004-05 and also subsequent revision in Wholesale price Index (WPI). The revision in estimates is also on account of use of latest available data on agricultural production, industrial production, government expenditure and also detailed and more comprehensive data available from various source agencies.
The following are the salient features of the estimates:
GROSS DOMESTIC PRODUCT AND GROSS NATIONAL INCOME
Gross domestic product (GDP) at factor cost at constant (2004-05) prices in 2010-11 is estimated at Rs. 48,85,954 crore as against Rs. 45,07,637 crore in 2009-10 registering a growth of 8.4 per cent during the year which is same as in the year 2009-10. At current prices, GDP in 2010-11 is estimated at Rs. 71,57,412 crore as against Rs. 60,91,485 crore in 2009-10, showing an increase of 17.5 per cent during the year.
At constant (2004-05) prices the gross national income at factor cost in 2010-11 is estimated at Rs 48,33,178 crore as against Rs. 44,79,973 crore in 2009-10 showing a rise of 7.9 per cent during the year. At current prices, the gross national income in 2010-11 is estimated at Rs. 70,78,512 crore as compared to Rs 60,53,585 crore in 2009-10, showing a rise of 16.9 per cent during the year.
The growth rate of 8.4 per cent in the GDP during 2010-11 has been achieved due to high growth in transport, storage and communication (14.7%), financing, insurance, real estate & business services (10.4%), trade, hotels & restaurants (9.0%), and construction (8.0%). At constant prices, the primary sector i.e. agriculture, forestry & fishing has shown a high growth of 7.0 per cent during 2010-11 as against 1.0 per cent during the year 2009-10. The growth of secondary sector is 7.2 per cent and that of service sector is 9.3 per cent during 2010-11.
PER CAPITA NATIONAL INCOME
The per capita income (per capita net national income at factor cost) in real terms, i.e. at 2004-05 prices, is estimated at Rs. 35,993 for 2010-11 as against Rs. 33,843 in 2009-10, registering an increase of 6.4 per cent during the year. The per capita income at current prices is estimated at Rs. 53,331 in 2010-11 as against Rs. 46,117 for the previous year depicting a growth of 15.6 per cent.
CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION
In order to derive the GDP at market prices, the GDP at factor cost is adjusted by adding indirect taxes net of subsidies. Estimates of GDP at market prices for the year 2009-10 has been revised on account of receipt of data on actual collection of indirect taxes from central and state Governments as well as rectification of misclassification of revised estimates of central Government, used in QE 2009-10. As various components of expenditure on gross domestic product, namely, consumption expenditure and capital formation, are normally measured at market prices, the discussion in the following paragraphs is in terms of market prices.
PRIVATE FINAL CONSUMPTION EXPENDITURE
Private Final Consumption Expenditure (PFCE) in the domestic market at current prices is estimated at Rs. 43,59,792 crore in 2010-11 as against Rs. 37,22,036 crore in 2009-10. At constant (2004-05) prices, the PFCE is estimated at Rs. 30,87,047 crore in 2010-11 as against Rs. 28,52,301 crore in 2009-10. In terms of GDP at market prices, the rates of PFCE at current and constant (2004-05) prices during 2010-11 are estimated at 56.8 per cent and 58.9 per cent, respectively, as against the corresponding rates of 57.6 per cent and 59.7 per cent, respectively in 2009-10.
The per capita PFCE in the domestic market in 2010-11 is estimated to be Rs. 36,760 at current prices and Rs. 26,029 at constant (2004-05) prices as against Rs. 31,812 and Rs. 24,379 respectively in 2009-10.
DOMESTIC SAVING
Gross domestic saving (GDS) at current prices in 2010-11 is estimated at Rs. 24,81,931 crore as against Rs. 21,82,970 crore in 2009-10, constituting 32.3 per cent of GDP at market prices as against 33.8 per cent in the previous year. The decrease in the rate of GDS has mainly been due to the decrease in the rates of financial savings of household sector from 12.9% to 10.0% and private corporate sector from 8.2 per cent in 2009-10 to 7.9 per cent in 2010-11. However, the rate of savings of public sector increased from 0.2 per cent in 2009-10 to 1.7 per cent in 2010-11. In absolute terms, the saving of the household sector has increased from Rs. 16,39,038 crore in 2009-10 to Rs. 17,49,311 crore in 2010-11, the saving of private corporate sector has gone up from Rs. 5,32,136 crore in 2009-10 to Rs. 6,02,464 crore in 2010-11 and that of public sector has gone up from Rs. 11,796 crore in 2009-10 to Rs. 1,30,155 crore in 2010-11.
CAPITAL FORMATION
Gross Domestic Capital Formation has increased from Rs. 23,63,670 crore in 2009-10 to Rs. 26,92,031 crore in 2010-11 at current prices and it increased from Rs. 18,38,870 crore in 2009-10 to Rs. 19,74,172 crore in 2010-11 at constant (2004-05) prices. The rate of gross capital formation at current prices is 35.1 per cent in 2010-11 as against 36.6 per cent in 2009-10. The rate of gross capital formation at constant (2004-05) prices is 37.7 per cent in 2010-11 as against 38.5 per cent in 2009-10.
Within the gross capital formation at current prices, the gross fixed capital formation amounted to Rs. 23,31,382 crore in 2010-11 as against Rs. 20,41,758 crore in 2009-10. At current prices, the gross fixed capital formation of the public sector has increased from Rs. 5,43,337 crore in 2009-10 to Rs. 6,19,923 crore in 2010-11, that of private corporate sector from Rs.6,97,451 crore in 2009-10 to Rs. 7,61,107 crore in 2010-11, and the household sector from Rs. 8,00,971 crore in 2009-10 to Rs. 9,50,352 crore in 2010-11.
The change in stocks of inventories, measured as additions to stocks increased at current prices, from Rs. 1,74,310 crore in 2009-10 to Rs 2,54,970 crore in 2010-11. The increase is observed due to increase in change in stocks of all the sectors.
The estimates of National Product, Consumption Expenditure, Saving and Capital Formation at aggregate and per capita levels for the years 2004-05 to 2010-11 are presented in Statement 1 and the detailed estimates at industry/item level in Statements 2 to 10.
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