Revised estimates by the Central Statistics Office (CSO) have put the Indian GDP growth for 2017-18 at 7.2 per cent, 0.5 per cent higher than the earlier 6.7 per cent figure, PTI has reported.
"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 percent during 2017-18 and 8.2 percent during 2016-17," the press release by Ministry of Statistics & Programme Implementation read.
The nominal GDPs for 2017-18 and 2016-17, meanwhile, were estimated at Rs 170.95 lakh crore and Rs. 153.62 lakh crore respectively putting the 2017-18 growth at 11.3 per cent.
The use of latest data from various agencies has been cited as the reason for the revision in numbers.
“The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of the release of Provisional Estimates on 31st May 2018," the release says.
With the nation set for Lok Sabha elections between April and May this year, the news will be welcomed by the ruling NDA government.
The CSO had earlier in the month released its first estimate for 2018-19 growth which estimating a 7.2 per cent GDP growth. The RBI however, had put out a more optimistic 7.4 per cent growth rate.