The Central Statistical Organisation (CSO) today, in its Advance Estimates for India's Gross Domestic Product for 2008-09, said the growth of GDP was estimated to decline to 7.1 per cent during the year from 9 per cent (Quick Estimates) during 2007-08.
As per the advance estimates, the growth rate for Agriculture, Industry and Services is estimated to be 2.6 per cent, 4.8 per cent and 9.6 per cent, respectively, in 2008-09. The corresponding rates for these three sectors in the quick estimates for 2007-08 were 4.9, 8.1 and 10.9 per cent, respectively. Viewed from the demand side, the growth in Private Final Consumption Expenditure is expected to moderate to 6.7 per cent in 2008-09 from 8.1 per cent in 2007-08. The growth in Government Final Consumption Expenditure is estimated to increase from 7.4 per cent in 2007-08 to 16.8 per cent in 2008-09. Growth in Gross Fixed Capital Formation is anticipated to decline to 8.9 per cent from 12.9 per cent in 2007-08. This increase in growth of Government Final Consumption Expenditure will offset partially the decline in Private Final Consumption Expenditure and would result in GDP growth at constant market prices to touch 7.1 per cent in 2008-09, an official statement said. The Per Capital income at current prices is estimated to grow at 14.4 per cent during 2008-09 to reach Rs 38,084 as compared to a growth of 12.7 per cent during 2007-08. At constant prices the per capita income is expected to grow at 5.6 percent in 2008-09 as compared to a growth of 7.6 percent in 2007-08, the statement added. INT