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
    ED raids multiple locations in Keralam in hybrid ganja smuggling money laundering case
    Rupee jumps 47 paise to 94.26 against US dollar in early trade
    ED raids multiple locations in Kolkata in bank loan fraud case
    Commerce & Industry Minister Shri Piyush Goyal Calls Upon Auto Component Industry To Go Global
    18th Meeting of Heads of IP Offices of BRICS Countries Held in New Delhi
    India’s Sovereign Credit Rating upgraded to 'A-' with Stable Outlook by Japan Credit Rating Agency
    Secretary, DFS Chairs Review Meeting on Financial and Business Performance of Public Sector General Insurance Companies (PSGICs)
    GIFT IFSC emerges as a strong and vibrant international banking hub, mobilises over $52.8 billion under RBI’s FCNR(B) Swap Facility, $11.62 bn in EC...
    Ex-CII executive Shuchita Sonalika appointed COO of Canada-India Business Council
    India's 7.8% growth despite global disruptions remarkable: FM Sitharaman at investors meet in US
    After 35 years, India's sovereign rating upgraded to 'A-' by JCR on solid growth, resilient financial system
    Rupee rises 22 paise to close at 94.73 against US dollar
    India draws record USD 127 bn forex deposit in special drive
    Banks mobilise USD 127.23 billion in deposits from Indian diaspora: RBI
    CBI Arrests CGST Additional Commissioner and Two others in Rs. 40 Lakh Bribery Case in Raigad, Maharashtra
    Haryana: SGST collections grow 29 pc in first 5 months of 2026-27
    Lokta Opens Its Agentic Loan Servicing Platform to NBFCs Up to Rs 100 crore, with No Platform Fee for Up to Two Years
    RTI seeks Aadhaar date-of-birth changes after pre-poll Bihar pension hike; UIDAI says no such data
    IC Electricals Secures Approx. ₹6 Crore Railway Orders and ₹1 Crore Export Order
❯❯
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
September 3, 2026
Show AI Summary
Money laundering linked to hybrid ganja smuggling involves alleged illicit cross-border transfers and foreign-exchange violations.
Enforcement Directorate searches form part of a money-laundering investigation into alleged hybrid ganja smuggling from Thailand. A case under the Prevention of Money Laundering Act concerns suspected laundering of drug-trafficking proceeds and transfer of funds to Thailand through illegal channels. The inquiry also examines possible foreign-exchange violations and an alleged arrangement involving carriers, visas and funds for transporting narcotic substances.
September 3, 2026
Show AI Summary
Foreign-currency deposit mobilisation supports currency appreciation while creating surplus-liquidity sterilisation pressures through deposit swaps in domestic banking markets.
Foreign-currency deposit mobilisation strengthened foreign-exchange liquidity and supported rupee appreciation. FCNR(B) deposits, together with overseas foreign-currency borrowings and external commercial borrowings, increased aggregate foreign-currency resources. Bank swaps of such deposits with the central bank may create surplus banking-system liquidity and a sterilisation challenge, while oil prices, global yields, dollar movements and foreign equity inflows remain relevant currency-market factors.
September 3, 2026
Show AI Summary
Money laundering investigation examines alleged diversion of bank loans from a power project to group entities and personal use.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank loans obtained by Kohinoor Power for a power plant in Jharkhand. The loan proceeds were allegedly transferred to other group entities and used personally. Searches were conducted at eleven premises associated with the group's promoters, directors and auditors. The company entered liquidation proceedings before the National Company Law Tribunal, with limited recovery for creditors.
September 3, 2026
Show AI Summary
Globalisation of auto component manufacturing is linked to trade access, resilient supply chains, technology adoption, safety, and vehicle scrappage.
The auto component industry is encouraged to expand globally through reciprocal market access, overseas manufacturing, international investment and trade partnerships. Supply-chain resilience is to be strengthened through indigenisation of vulnerable products, access to critical minerals, and domestic capacity in auto components, speciality steel, technical textiles and semiconductors. Priority is also given to high-value integrated solutions, artificial intelligence-enabled quality control, vehicle safety and industrial parks offering manufacturing infrastructure. Vehicle scrappage requires coordinated government incentives and fair industry valuation to support replacement demand for new-age vehicles.
September 3, 2026
Show AI Summary
Updated IP cooperation guidelines strengthen cross-border innovation, patent examination coordination, traditional knowledge protection, and geographical indication commercialisation.
IP BRICS Heads adopted Updated Operational Guidelines to direct result-oriented intellectual property cooperation, promote cross-border innovation, and reinforce joint engagement in global IP standards. Priority areas include protection of traditional knowledge and traditional systems of medicine, reinforced patent examination cooperation, exchange of search results, patent analytics, and geographical indication protection and commercialisation. Coordination mechanisms and periodic progress reviews are emphasised for effective implementation and continuity of cooperation.
September 3, 2026
Show AI Summary
Sovereign credit rating upgrade reflects resilient growth, improved fiscal expenditure quality, stronger financial systems, and a robust external position.
India's long-term foreign-currency and local-currency issuer ratings were upgraded from 'BBB+' to 'A-', with a Stable Outlook, reflecting resilient economic growth, improved fiscal expenditure quality, strengthened financial-sector soundness, and a robust external position. Fiscal improvement is linked to greater capital expenditure and lower fiscal deficit. Financial resilience is supported by improved banking and non-banking sector asset quality and capital adequacy. External strength arises from a contained current account deficit, services surplus, and foreign-exchange reserves exceeding short-term external debt.
September 3, 2026
Show AI Summary
Public sector general insurance performance requires profitable underwriting, lower claim ratios, digitalisation, standardised monitoring, and quality grievance redressal.
Public Sector General Insurance Companies were advised to focus on profitable business lines, reduce the Incurred Claim Ratio, and accelerate technology use and digitalisation while optimising related expenditure. They are to improve insurance penetration, density, outreach and customer awareness, particularly in underserved segments, while reducing protection gaps. A robust, standardised KPI framework should enable comparable financial and non-financial performance assessment and be reviewed quarterly. Customer grievances require expeditious and quality redressal.
September 3, 2026
Show AI Summary
Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access.
GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
September 3, 2026
Show AI Summary
Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships.
Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
September 3, 2026
Show AI Summary
Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets.
Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
September 2, 2026
Show AI Summary
Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
September 2, 2026
Show AI Summary
Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
Show AI Summary
Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
Show AI Summary
Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
Show AI Summary
GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
Show AI Summary
State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
Show AI Summary
NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
Show AI Summary
RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
Show AI Summary
Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
Show AI Summary
Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

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