Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    SIDBI organizes a conclave of the Heads of Regional Rural Banks (RRBs) on expanding SIDBI-RRB MSME Co-Lending arrangement
    SC sets aside show cause notice to Tata Steel over input tax credit availed during FY19-23
    HC flags fraudulent use of Aadhaar by infiltrators to get Indian citizenship; calls for action
    IVCA Welcomes Consultative Approach on Draft FEMA NDI Rules
    India to be among top 5 Nestle markets in coming years, a major export hub : Global CEO
    Build Credit Awareness with a Free Credit Score Check from Bajaj Finance
    CARD91 Introduces Five-Point Credit Lifecycle Consistency Framework for Credit Line on UPI
    RBI's Proposed Shift from Revolving Credit to Term Loans: SwiffyLabs Lending Platform Already Supports the New Construct
    The US and Canada could pull back from an all-out trade war. It's not clear that they will
    Indian Community in Japan Playing Key Role in Strengthening India-Japan Ties: Commerce and Industry Minister Shri Piyush Goyal
    Union Minister of Commerce and Industry Shri Piyush Goyal Chairs India-Japan Industry Roundtable on Semiconductors and Artificial Intelligence in Toky...
    National Traders’ Welfare Board Holds 100th VC Meeting to Strengthen Engagement with Traders Across the Country
    CCI approves acquisition of 100% share capital of Tao Digital Solutions by Cyient Ltd
    CCI approves acquisition of 100% stake in Kestrel Coal Group Pty Ltd. by Yancoal Australia from certain sellers
    HC bench releases Skoda Volkswagen USD 1.4 billion tax case sans verdict; matter to be heard afresh
    Canada strikes back at US with retaliatory tariffs as trade war escalates
    Rupee rises 26 paise to close at 95.44 against US dollar
    Economy shows resilience to global headwinds with buoyant domestic demand: RBI bulletin
    Goyal promises BIS certification relief for high-tech sector firms
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 26, 2026
Show AI Summary
Alternative dispute resolution enabled settlement of long-pending disputes, alongside reporting on court administration and regulatory compliance concerns.
Legal developments include resolution of long-pending tenancy, commercial and property disputes through a special Lok Adalat mechanism, including a digitally signed international settlement. Other matters concern a challenge to a riot-related murder conviction, allegations of administrative irregularities and selective case listing, fast-track court pendency, cancellation of a recruitment process following suspected examination malpractice, fraudulent identity documents used to claim citizenship, medical-qualification standards, and opposition to uranium exploration and mining.
August 26, 2026
Show AI Summary
MSME co-lending supports digital paperless credit delivery through rural banks for underserved rural and semi-urban enterprises.
SIDBI-RRB MSME co-lending arrangement is proposed for expansion to increase credit access for micro, small and medium enterprises in rural and semi-urban areas. The arrangement combines SIDBI's understanding of MSME credit requirements with Regional Rural Banks' local reach. SIDBI's Co-Lending Origination Platform provides an end-to-end digital credit process intended to enable faster, paperless loan processing, in-principle sanction communication, documentation and direct account disbursement without branch visits.
August 26, 2026
Show AI Summary
Input tax credit mismatch alone cannot support fraud-based GST demand without an assessing officer's recorded satisfaction of fraud or suppression.
Section 74 GST demand proceedings require the assessing officer's independent satisfaction of fraud, wilful misstatement or suppression of facts. An input tax credit mismatch or alleged short payment alone cannot establish these conditions. Unsupported assertions of suppression for invoking extended limitation are insufficient, and audit objections cannot replace the assessing officer's satisfaction. A show cause-cum-demand notice lacking factual allegations of a deliberate device to evade tax or avail excess input tax credit is vulnerable.
August 26, 2026
Show AI Summary
Fraudulent Aadhaar procurement exposes identity-verification gaps and prompts disclosure, expedited investigation, deportation, and statutory review measures.
Fraudulent procurement of Aadhaar and other identity documents by foreign nationals who infiltrate borders may undermine identity verification, immigration control and national security. Coordinated action is required to trace and deport such persons, prevent re-entry, strengthen document verification, and complete investigations without delay. Amendments to the Aadhaar Act are to be considered to assist investigating agencies, while a dedicated procedure is required to address border infiltration and human trafficking. Aadhaar enrolment records are to be supplied to police, followed by timely deportation proceedings.
August 26, 2026
Show AI Summary
Foreign investment liberalisation proposals receive industry support, subject to preserving AIF treatment, grandfathering, and prospective application.
Proposed foreign-investment liberalisation, including treatment of stakes below 10 per cent and a greater role for market forces in valuation, is welcomed. Preservation of the existing treatment of Alternative Investment Funds under the IOCC framework is emphasised, together with grandfathering of transactions and funds undertaken under the current regulatory position. Newly introduced requirements should operate prospectively to support a simpler, predictable and investment-friendly foreign-investment framework.
August 26, 2026
Show AI Summary
India market expansion guides Nestle 's volume-led growth, export-hub development and long-term investment without compromising product quality.
Nestle 's India strategy focuses on volume-led growth, wider consumer reach, portfolio development, efficiency improvements and sustained long-term investment. Growth is intended to combine increased household penetration with pricing, premiumisation, affordability and value offerings. India is also intended to develop further as a production and export hub for global markets, supported by manufacturing capacity and expanding overseas supplies. Product quality and consumer interests remain constraints on the pace of expansion.
August 26, 2026
Show AI Summary
Credit awareness through regular score and report review supports responsible borrowing, error detection, and informed credit management.
Free online access to the Credit Pulse Report is available through the Bajaj Finance website. Users verify their registered mobile number through OTP authentication, provide identifying particulars including PAN and date of birth, and then view the available credit score. The report may be reviewed and downloaded to examine repayment history, active credit accounts, recent enquiries and other recorded credit information. Periodic review can help identify unfamiliar accounts, inaccurate repayment records, overdue amounts, unupdated information and changes in credit utilisation.
August 26, 2026
Show AI Summary
Credit lifecycle consistency requires facility-specific treatment so UPI-linked credit records, repayments and customer obligations remain aligned.
CARD91's Credit Lifecycle Consistency Framework calls for facility-specific treatment of Credit Line on UPI transactions and continuing credit events. Credit limits, outstanding balances, repayments, refunds, reversals and EMI conversions should be accurately connected to the relevant customer account and applied according to the underlying facility's terms. Bank policy, customer consent, transaction controls and portfolio actions should remain aligned. Customer-facing applications, statements and alerts should consistently reflect available credit, outstanding obligations and repayment schedules, while disputes and manual corrections follow documented, reviewable processes.
August 26, 2026
Show AI Summary
Non-revolving credit lines require term-loan structures supporting multiple drawdowns without replenishing sanctioned limits for NBFC lending products.
Proposed restrictions on revolving credit facilities for most NBFCs would generally require credit products to operate as term loans, rather than facilities in which principal repayment automatically restores the available borrowing limit. Compliance may require technology capable of managing multiple drawdowns within an approved sanction, separate repayment schedules, amortisation and servicing workflows, while preventing repaid principal from replenishing the sanctioned limit.
August 26, 2026
Show AI Summary
Reciprocal trade tariffs intensify as negotiations confront market access, cultural protections, industrial safeguards, and sovereignty concerns.
US-Canada tariff escalation involves reciprocal import duties following failed negotiations over market access and trade in dairy, alcoholic beverages, automobiles, steel, aluminium and softwood lumber. United States tariff action relies on a rarely used trade-law power permitting duties against countries considered to discriminate against American businesses, without a prior investigation or stated time limit. Negotiations also raised concerns about protection of major industries, cultural protections and Canada's freedom to conclude trade agreements with other countries.
August 26, 2026
Show AI Summary
Diaspora engagement supports skilled mobility, investment links, remittances, and citizen welfare while encouraging compliance with local laws.
Indian diaspora engagement in Japan supports bilateral goodwill, business links, investment opportunities and people-to-people ties. Skilled Indian professionals are encouraged to understand local requirements, learn Japanese language and culture, and pursue opportunities in healthcare, trades, engineering, artificial intelligence, accountancy and maritime work. Diaspora members are also encouraged to maintain connections with India, contribute through digital education and knowledge-sharing, and comply with local laws and regulations. Remittances and government support for citizens' welfare, safety and crisis assistance abroad are recognised as important aspects of diaspora engagement.
August 26, 2026
Show AI Summary
Semiconductor and AI cooperation advances through industry engagement, investment facilitation, and accelerated economic partnership review.
India-Japan cooperation in semiconductors and artificial intelligence is being strengthened through industry engagement, investment facilitation, technology partnerships and an economic-security-oriented framework. India's semiconductor strategy covers chip design, machinery and materials, fabrication, ATMP/OSAT, research, and talent development, supported by Semicon India initiatives. Bilateral engagement also seeks to address industry concerns, expand manufacturing and innovation partnerships, and accelerate review of the Comprehensive Economic Partnership Agreement to reflect emerging economic opportunities.
August 26, 2026
Show AI Summary
Virtual trader engagement platform strengthens weekly grievance feedback, policy information sharing, and institutional dialogue between government and trading communities.
The Virtual Conference Interaction Meetings provide a weekly, accessible forum for retail traders to engage with the Government, receive information on relevant schemes, policies and reforms, and submit grievances and suggestions. The platform enables recurring concerns to be identified and communicated to concerned Ministries and Departments for consideration and redressal. It seeks to strengthen institutionalised dialogue, feedback, transparency, trust and cooperation between the Government and the trader community.
August 26, 2026
Show AI Summary
Competition clearance for full acquisition permits Cyient to acquire Tao Digital Solutions, a global digital transformation and technology services provider.
Competition Commission of India approved Cyient Limited's acquisition of 100% of Tao Digital Solutions Inc.'s share capital from its existing shareholders. The full share capital acquisition transfers complete ownership of Tao Digital Solutions to Cyient. Tao Digital Solutions provides global digital transformation and technology services, including product engineering, managed services, cybersecurity, payments, digitization and AI, cloud services, and data services, and operates in India through its wholly owned subsidiary, Tao Digital India Private Limited.
August 26, 2026
Show AI Summary
Competition clearance for full coal-sector acquisition addresses limited Indian market links through metallurgical and thermal coal sales.
Competition approval covers Yancoal Australia Limited's acquisition of 100% equity interest and warrants in Kestrel Coal Group Pty Ltd. The target holds an 80% interest in the Kestrel Joint Venture, which operates a Queensland coal mine producing principally metallurgical coal and a smaller volume of thermal coal. Neither the acquirer nor the target has a physical presence in India. Their Indian nexus is limited to coal exports and the joint venture's sales of metallurgical coal into India.
August 25, 2026
Show AI Summary
Customs classification of unassembled vehicle imports requires fresh hearing after reserved tax challenge was released without verdict.
The dispute concerns customs classification of imported unassembled vehicle parts. Customs authorities allege that parts imported in separate shipments should have been declared as completely knocked down (CKD) units, attracting the higher duty applicable to CKD imports, rather than as individual components subject to lower duty. The manufacturer contests the resulting customs demand. Proceedings have been released for fresh hearing before the regular indirect-tax writ bench, with status quo maintained for four weeks.
August 25, 2026
Show AI Summary
Retaliatory tariffs on imported goods escalate trade measures, targeting key sectors while maintaining support for affected domestic businesses.
Canada has imposed retaliatory tariffs on United States-origin industrial and consumer goods following increased United States tariffs on Canadian goods. Effective 8 September, the measures apply at rates of 15%, 25% and 50% across more than 700 products, including steel, aluminium, appliances, dairy products, seafood, furniture, clothing, pulp and paper, and electronics. Existing countertariffs on automobiles remain in force. The measures seek to protect domestic businesses and reduce imports, supported by assistance for affected workers and businesses amid risks to integrated cross-border supply chains.
August 25, 2026
Show AI Summary
Foreign-exchange market intervention and lower crude prices supported rupee appreciation, while USD/INR remained range-bound amid shifting dollar conditions.
Foreign-exchange market conditions supported rupee appreciation against the US dollar, driven by stronger domestic equity markets, a weaker US dollar and lower crude oil prices. The USD/INR pair remained broadly range-bound, with oil-price movements and Reserve Bank intervention identified as key near-term influences. The special USD-INR foreign-exchange swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings mobilised substantial foreign-exchange inflows.
August 25, 2026
Show AI Summary
Section 301 tariffs may have lower impact where major exports remain outside their scope amid resilient domestic demand.
Economic resilience is attributed to buoyant domestic demand, increased manufacturing and services activity, improving liquidity conditions, credit growth, investment activity and rebounding foreign capital inflows. Recovery in the southwest monsoon improved kharif sowing and reservoir storage, partly mitigating agricultural-sector risks. US Section 301 tariffs are expected to have a comparatively lower effect because major Indian exports to the United States, including smartphones, petroleum products and pharmaceuticals, remain outside their scope. Foreign direct investment improved with higher gross inflows, while outward foreign direct investment continued to decline.
August 25, 2026
Show AI Summary
BIS certification exemptions may be structured for high-tech manufacturers to ensure timely equipment imports and support domestic manufacturing operations.
Mandatory Bureau of Indian Standards (BIS) certification requirements for equipment and components used by high-technology manufacturers may be addressed through a proposed exemption framework. Possible exemptions may be structured at the company, industry, product, project or bulk level to support timely availability of imported equipment, goods and services for manufacturing operations. The approach is directed at high-technology industries generally, particularly semiconductor and artificial intelligence sectors, while addressing delays associated with mandatory certification and complex procedures for specialised imported parts and equipment.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

First Revised Estimates of National income, Consumption expenditure, saving and capital formation, 2012-13

January 31, 2014

Contents
Summary
Note

Note

-

Bookmark

Print

Print

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released, as per the revision policy, the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2012-13 along with the Second Revised Estimates for the year 2011-12 and Third Revised Estimates for the year 2010-11.

The First Revised Estimates for the year 2012-13 have been compiled using industry-wise/institution-wise detailed information instead of the benchmark-indicator method used at the time of release of Provisional Estimates on 31st May, 2013. The estimates of GDP and other aggregates for the years 2010-11 and 2011-12 have been revised on account of use of latest available data on agricultural production, industrial production especially ASI 2011-12 in lieu of IIP, government expenditure (replacing Revised Estimates with Actuals for the year 2011-12) and also detailed and more comprehensive data available from various source agencies like RBI and State Directorates of Economics and Statistics.

The salient features of the estimates at aggregate level, which are based on latest available information, are indicated below:

GROSS DOMESTIC PRODUCT AND GROSS NATIONAL INCOME

Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices in 2012-13 is estimated at Rs. 54.8 lakh crore as against Rs. 52.5 lakh crore in 2011-12 registering a growth of 4.5   per cent during the year as against a growth of 6.7 per cent in the year 2011-12. At current prices, GDP in 2012-13 is estimated at Rs. 93.9 lakh crore as against Rs. 83.9 lakh crore in 2011-12, showing an increase of 11.9 per cent during the year, as against an increase of 15.8 per cent in the previous year.

At constant (2004-05) prices, the Gross National Income at factor cost in 2012-13 is estimated at Rs. 54.2 lakh crore as against Rs. 52 lakh crore in 2011-12 showing a rise of 4.1 per cent during the year, as against an increase of 6.9 per cent in the previous year. At current prices, the Gross National Income in 2012-13 is estimated at Rs. 92.7 lakh crore as compared to Rs. 83.1 lakh crore in 2011-12, showing a rise of 11.5 per cent during the year, as against an increase of 16.0 per cent in the previous year.

The growth rate of 4.5 per cent in the GDP during 2012-13 has been achieved due to growth in financing, insurance, real estate & business services (10.9 %), transport, storage and communication (6%) and community, social and personal services (5.3 %). At constant prices, in the primary sector (agriculture, forestry, fishing and mining & quarrying), agriculture, forestry & fishing has shown a growth of 1.4 per cent while mining declined by 2.2 per cent during 2012-13 as against the growth of 5 and 0.1 per cent, respectively during the year 2011-12. The growth of secondary sector (manufacturing, electricity, gas & water supply and construction) is 1.2 per cent and that of tertiary (services) sector is 7 per cent during 2012-13, as against a growth of 8.5 per cent and 6.6 per cent, respectively, in the previous year.

The growth rates and shares of different sectors of economy during 2010-11 to 2012-13 are mentioned below:

Sector

Percentage change in GVA at constant(2004-05) prices over the previous year

Percentage share in GDP at current prices

2010-11

2011-12

2012-13

2010-11

2011-12

2012-13

Primary

8.3

4.4

1.0

21.0

20.5

19.9

Secondary

7.6

8.5

1.2

24.3

24.6

23.8

Tertiary

9.7

6.6

7.0

54.6

54.9

56.3

Gross Domestic Product (GDP) at market prices at constant (2004-05) prices in 2012-13 is estimated at Rs. 59 lakh crore as against Rs. 56.3 lakh crore in 2011-12 registering a growth of 4.7    per cent during the year as against a growth of 6.6 per cent in the year 2011-12. At current prices, GDP at market prices in 2012-13 is estimated at  Rs. 101.1 lakh crore as against Rs. 90.1 lakh crore in 2011-12, showing an increase of  12.2 per cent during the year, as against an increase of 15.7 per cent in the previous year.

CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION 

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) at current prices is estimated at Rs. 57.7   lakh crore in 2012-13 as against Rs. 51.4 lakh crore in 2011-12. At constant (2004-05) prices, the PFCE is estimated at Rs. 35.5 lakh crore in 2012-13 as against Rs. 33.8 lakh crore in 2011-12.  In terms of GDP at market prices, the rates of PFCE at current and constant (2004-05) prices during 2012-13 are estimated at 57.1 per cent and 60.1 per cent, respectively, as against the corresponding rates of  57.1  per cent and 60 per cent, respectively in 2011-12.

DOMESTIC SAVING

Gross Domestic Saving (GDS) at current prices in 2012-13 is estimated at Rs. 30.4 lakh crore as against Rs. 28.2 lakh crore in 2011-12, constituting 30.1 per cent of GDP at market prices as against 31.3 per cent in the previous year.  The decrease in the rate of GDS in the current year compared to previous year has mainly been due to the decrease in the rates of savings of household sector in physical assets from 15.8 per cent to 14.8 per cent and  private corporate sector from 7.3 per cent to 7.1 per cent. In absolute terms, the saving of the household sector has increased from Rs. 20.5 lakh crore in 2011-12 to Rs. 22.1 lakh crore in 2012-13, increasing by 7.7 per cent during the year. The saving of private corporate sector has gone up by 8.3 per cent from Rs. 6.6 lakh crore in 2011-12 to Rs. 7.1 lakh crore in 2012-13 and the saving of public sector has gone up by 6.0 per cent from Rs. 1.1 lakh crore in 2011-12 to Rs. 1.2 lakh crore in 2012-13.

CAPITAL FORMATION

Gross Capital Formation (including valuables) has increased from Rs. 32 lakh crore in 2011-12 to Rs. 35.2 lakh  crore in 2012-13 at current prices and it increased from Rs. 21.8 lakh crore in 2011-12 to Rs. 23 lakh crore in 2012-13 at constant (2004-05) prices.  The rate of Gross Capital Formation (including valuables) at current prices is 34.8 per cent in 2012-13 as against 35.5 per cent in 2011-12.  The rate of Gross Capital Formation (including valuables) at constant (2004-05) prices is 38.9 per cent in 2012-13 as against 38.8 per cent in 2011-12.

Gross Capital Formation (excluding valuables) has increased from Rs.  29.5 lakh crore in 2011-12 to Rs. 32.5 lakh  crore in 2012-13 at current prices and it increased from Rs. 20.5 lakh crore in 2011-12 to Rs. 21.2 lakh crore in 2012-13 at constant (2004-05) prices.  The rate of Gross Capital Formation (excluding valuables) at current prices is 32.2 per cent in 2012-13 as against 32.8 per cent in 2011-12.  The rate of Gross Capital Formation (excluding valuables) at constant (2004-05) prices is 35.9 per cent in 2012-13 as against 36.4 per cent in 2011-12.

The Gross Fixed Capital Formation at current prices amounted to Rs. 30.7 lakh crore in 2012-13 as against Rs. 28.6 lakh crore in 2011-12, increasing by 7.4 per cent during the year.  At current prices, the Gross Fixed Capital Formation of the public sector has increased by 23.5 per cent from Rs. 6.4 lakh crore in 2011-12 to Rs. 7.9 lakh crore in 2012-13, that of private corporate sector by 0.8 per cent from Rs. 8.5 lakh crore in 2011-12 to Rs. 8.6 lakh crore in 2012-13, and the household sector by 3.9 per cent from Rs. 13.7 lakh crore in 2011-12 to Rs. 14.3 lakh crore in 2012-13.

The change in stocks of inventories, measured as additions to stocks, at current prices remained at Rs. 1.7 lakh crore in 2012-13. At constant prices, it declined by 9 per cent from Rs. 1.2 lakh crore in 2011-12 to Rs. 1.1 lakh crore in 2012-13.

ESTIMATES AT PER CAPITA LEVEL

The per capita income (per capita Net National Income at factor cost) in real terms is estimated at Rs. 38,856 for 2012-13 as against Rs. 38,048 in 2011-12, registering an increase of 2.1 per cent during the year, as against an increase of 5.1 per cent during the previous year. The per capita income at current prices is estimated at Rs. 67,839 in 2012-13 as against Rs. 61,855 for the previous year depicting a growth of 9.7 per cent, as against an increase of 14.5 per cent during the previous year.

The per capita PFCE at current prices in 2012-13 is estimated to be Rs. 47,429 as against Rs. 42,778 in the year 2011-12, showing an increase of 10.9 per cent as against an increase of 16.4 per cent in the previous year. The corresponding estimates at constant (2004-05) prices are Rs. 29,150 and Rs. 28,107, registering an increase of 3.7 per cent in 2012-13, as against an increase of 7.8 per cent in the previous year.

PERFORMANCE OF PUBLIC SECTOR

GVA at current prices from public sector has increased from Rs. 17 lakh crore in 2011-12 to Rs. 19.2 lakh crore in 2012-13. Its share in GDP has slightly increased from 20.2 per cent in 2011-12 to 20.4 per cent in 2012-13. During the year, public sector’s share in Gross Domestic Saving, GCF and Final Consumption Expenditure are estimated at 3.9, 25.3 and 17 per cent respectively as against the previous year’s estimates of 3.9, 23 and 16.6 per cent.

SUMMARY OF REVISION IN THE GDP ESTIMATES

Though the revisions in the level estimates of GDP, both at constant (2004-05) prices and at current prices, have been insignificant (not more than 0.8%), the growth rates have been affected by the relative changes in the annual estimates. Following are the reasons for revision in the growth rate for the year 2012-13 between the Provisional Estimates (released in May 2013) and the First Revised Estimates of GVA for 2012-13:

Sector

GDP growth

2012-13

Reasons for  variation

May 2013

(Prov. Estimate)

Jan 2014

(First Revised Estimate)

Primary

 

(agriculture, forestry, fishing and mining & quarrying)

1.6

1.0

(i) May 2013 estimates for agriculture were indicator based. Actual data has been used for January, 2014 estimates.

(ii) Change in mining sector is due to availability of mineral-wise data. May, 2013 estimates were based on IIP growth in mining.

Secondary

 

(manufacturing, electricity, gas & water supply and construction)

2.3

1.2

(i) There is a marginal difference in the manufacturing sector since weights at 2-digit level of NIC have been revised using ASI 2011-12. Further, May, 2013 estimates were based on provisional IIP growth in Manufacturing sector while the final indices have now been used for compilation.

(ii) Difference in electricity, gas & water supply is due to availability of actual information from government budgets, departmental and non-departmental enterprises and also private sector companies. May, 2013 estimates were based on IIP growth in electricity.

Tertiary

 

(All Services)

7.1

7.0

May 2013 estimate was indicator based whereas January, 2014 estimate is based on exact analysis of government budgets, annual reports of financial institutions, departmental and non-departmental enterprises. Further, detailed results of RBI study on Private Corporate sector for the year 2012-13 have been incorporated.

Total

5.0

4.5

 

In the compilation of the First Revised estimates for the manufacturing sector, the growth rate in Index of Industrial Production has been used for the year 2012-13. Subsequently, in the compilation of the Second Revised Estimates of the registered manufacturing sector, which are scheduled for release in January, 2015, the data of Annual Survey of Industries 2012-13 shall become available and hence would be incorporated. The divergence between ASI growth and IIP growth in the recent years has been resulting in major revisions in the GVA estimates not only from this sector but also from the other dependent sectors.

As stated in Para 2 of the Press Note, the GDP estimates of the year 2011-12 have been revised by incorporating the latest available data. The growth rate, which had earlier been stated as 6.2% in January 2013, has now been revised to 6.7%. This revision has been largely due to the replacement of IIP based estimates of manufacturing sector, by the provisional results of ASI 2011-12. Further, actual expenditure of governments, both central and states, have been adopted now compared to the Revised Budget Estimates used at the time of First Revised Estimates of 2011-12.

The growth rate of GDP for the year 2010-11 has been revised from 9.3% to 8.9% mostly due to the revised data received from the State Directorates of Economics & Statistics after the previous release made in January 2013. Another cause for this decrease in growth rate is the difference between the provisional and final results of ASI 2010-11.

The estimates of National Income, Consumption Expenditure, Saving and Capital Formation at aggregate and per capita levels for the years 2004-05 to 2012-13 are presented in Statement 1 and the detailed estimates at industry/item level in Statements 2 to 8. The statements on Income & Outlay Account and Capital Finance Account of the Administrative Departments, as also the Price and Quantum Indices are available on the website of the Ministry,

www.mospi.gov.in.

Please see details

Topics

Acts Income Tax