The economy is likely to grow at a faster 7.4 % in the current fiscal year against the eralier projection of 6.9 % in 2013-14, say the government's advance estimates for GDP based on the new methodology. The economy grew by 7.5 % in the September-December quarter after 8.2 % in the preceding quarter. The real GDP or GDP at constant (2011-12) prices is likely to reach Rs 106.57 lakh crore, as against the First Revised Estimate of Rs 99.21 lakh crore. The GDP growth rate in 2014-15 is estimated at 7.4 % as compared 6.9 % in 2013-14," the Central Statistics Organization (CSO) says in its latest report. The government had recently revised the base year for gross domestic product (GDP) calculation to 2011-12 from 2004-05.
The sectors with a 7 % plus growth rtae are financial, real estate and professional service; trade, hotels, transport, communication and services related to broadcasting; public administration, defence and other services; and electricity, gas, water supply and other utility services. The GDP at current prices in 2014-15 is likely to reach Rs 126.54 lakh crore, up by 11.5 % from Rs 113.45 lakh crore in 2013-14. The per capita net national income during 2014-15 is estimated to be Rs 88,538, up by 10.1 % from Rs 80,388 in 2013-14..