Indian Gross domestic product (GDP) registered at growth of 9.6 % in 2006-07, as against the growth rate of 9.4 % during the previous year i.e 2005-06.
According to theCentral Statistical Organisation (CSO), Ministry of Statistics and Programme GDP at factor cost is estimated at Rs. 28, 643.09 billion as against Rs. 26, 128.47 billion in 2005-06 .At current prices, GDP in 2006-07 is estimated at Rs. 37, 900.63 billion as against Rs. 32, 756.70 billion in 2005-06, showing an increase of 15.7 % during the year.
The national income (i.e. net national product at factor cost) recorded a growth of 9.7% in 2006-07 is estimated at Rs 25,304.94 billion as against Rs. 23,068.94 billion in 2005-06 during the year. At current prices, the national income in 2006-07 is estimated at Rs. 33,258.17 billion as compared to Rs 28,707.50 billionin 2005-06, showing a rise of 15.9 % during the year.
The growth rate of 9.6 % in the GDP during 2006-07 has been achieved due to high growth in mining & quarrying (5.7%), manufacturing (12.0%), electricity, gas & water supply (6.0%), construction (12.0 %), trade, hotels & restaurants (8.5%), transport, storage and communication (16.6%), financing, insurance, real estate & business services (13.9%), and community, social and personal services (6.9%).
The per capita income (per capita net national product at factor cost) in real terms, is estimated at Rs. 22,553 for 2006-07 as against Rs. 20,858 in 2005-06, registering an increase of 8.1 % during the year. The per capita income at current prices is estimated at Rs. 29,642 in 2006-07 as against Rs. 25,956 for the previous year depicting a growth of 14.2 %.
In order to derive the GDP at market prices, the GDP at factor cost is adjusted by adding indirect taxes net of subsidies. 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 only.
Private Final Consumption Expenditure (PFCE) in the domestic market at current prices works out to Rs. 23,241.09 billion in 2006-07 as against Rs. 20,622.22 billion in 2005-06. At constant (1999-00) prices, the PFCE works out to Rs. 18,336.73 billion in 2006-07 as against Rs. 17,107.39 billion in 2005-06. The per capita PFCE in 2006-07 works out to Rs. 20,714 at current prices and Rs. 16,343 at constant (1999-00) prices as against Rs. 18,646 and Rs. 15,468 respectively in 2005-06.
Domestic saving
Gross domestic saving (GDS) at current prices in 2006-07 is estimated at Rs. 14,414.23 billion as against Rs. 12,273.48 billion in 2005-06, constituting 34.8 % of GDP at market prices as against 34.3 % in the previous year. The rise in GDS has been contributed by all sectors. In respect of the household sector, the saving in the form of financial and physical assets has gone up from Rs. 4,208.41 billion and Rs. 4,459.15 billion in 2005-06 to Rs. 4,679.85 billion and Rs. 5,178.37 billion in 2006-07, respectively.
Saving of private corporate sector has gone up from Rs.2,683.29 billion in 2005-06 to Rs. 3,222.42 billion in 2006-07. The saving of the public sector showed a increase from Rs. 922.63 billion in 2005-06 to Rs. 1,333.59 billion in 2006-07. The net domestic saving has correspondingly gone up from Rs. 8,485.44 billion in 2005-06 to Rs. 10,069.56 billion in 2006-07 and constitutes 26.5 % of net domestic product at market prices in 2005-06 and 27.1 % in 2006-07. As in the case of gross saving, the net saving of the household sector has also gone up from Rs. 7,187.36 billion in 2005-06 to Rs. 8,168.87 billion in 2006-07, the net saving of the private corporate sector has increased from Rs. 1,576.46 billion in 2005-06 to Rs. 1,876.54 billion in 2006-07 and the net saving of the public sector has increased from Rs. 278.38 billion in 2005-06 to Rs. 24.15 billion in 2006-07.
Capital Formation
Gross Domestic Capital Formation at current prices has increased from Rs. 12,719.53 billion in 2005-06 to Rs. 14,877.86 billion in 2006-07 and at constant (1999-2000) prices, it increased from Rs. 9,501.02 billion in 2005-06 to Rs. 10,533.23 billion in 2006-07. The rate of gross capital formation at current prices is 35.9 % in 2006-07 as against 35.5 % in 2005-06. The rate of capital formation in 2006-07 was higher than the rate of saving because of net capital inflow from abroad of Rs. 463.62 billion in 2006-07. The rate of gross capital formation at constant (1999-2000) prices increased from 33.4 % t in 2005-06 to 33.8 % in 2006-07. The rate of net capital formation at constant prices in 2006-07 was 26.4 % as against 26% in 2005-06.
Within the gross capital formation at current prices, the gross fixed capital formation amounted to Rs. 13,465.01 billion in 2006-07 as against Rs. 11,091.60 billion in 2005-06. At current prices, the gross fixed capital formation of the public sector has increased from Rs. 2,515.07 billion in 2005-06 to Rs. 3,086.03 billion in 2006-07, that of private corporate sector from Rs.4,196. 47 billion in 2005-06 to Rs. 5,298.71 billion in 2006-07, and the household sector from Rs. 4,380.06 billion in 2005-06 to Rs. 5,080.27 billion in 2006-07.
The change in stocks of inventories, measured as additions to stocks increased at current prices, from Rs. 862.48 billion in 2005-06 to Rs 961.03 billion in 2006-07. The increase is observed in private corporate sector from Rs. 578.43 billion to Rs. 731.43 billion.Household sector has also increased from Rs. 79.10 billion to Rs. 98.10 billion
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