PROVISIONAL ESTIMATES OF NATIONAL INCOME, 2013-14
The advance estimates of national income for the year 2013-14 were released on 7
February, 2014. These estimates have now been revised incorporating latest estimates of agricultural production, index of industrial production and performance of key sectors like, railways, transport other than railways, communication, banking, insurance and government expenditure. 5.
The salient features of these estimates are detailed below:
Estimates at constant (2004-05) prices
Gross Domestic Product
6. GDP at factor cost at constant (2004-05) prices in the year 2013-14 is now estimated at
57.42 lakh crore (as against
57.49 lakh crore estimated earlier on 7
February, 2014), showing a growth rate of 4.7 percent (as against 4.9 percent estimated earlier) over the First Revised Estimates of GDP for the year 2012-13 of
54.82 lakh crore, released on 31
January 2014. 14
In the agriculture sector, the third advance estimates of crop production released by the Ministry of Agriculture showed a slight upward revision as compared to their second advance estimates in the production of rice (106.29 million Tonnes from 106.19 million Tonnes), wheat (95.85 million Tonnes from 95.60 million Tonnes) and sugarcane (348.38 million Tonnes from 345.92 million Tonnes) for the year 2013-
14. Due to this revision in the production, ‘agriculture, forest
ry and fi
shing’ sector in 2013
-14 has shown a growth rate of 4.7 percent, as against the growth rate of 4.6 percent in the Advance Estimates. 8.
In the case of ‘mining and quarrying’, the Index of Industrial Production of Mining registered a
decline of 0.8 percent during 2013-14, as against the decline of 2.2 percent during April-November, 2013, which was used in the Advance Estimates. Production of coal and crude oil registered growth rates of 0.8 percent and (-) 0.2 percent in 2013-14 as compared to growth rates of 1.2 percent and (-) 0.6
percent during April to December, 2013. The growth of ‘mining &quarrying’ is now estimated at (
-) 1.4 percent, as against the Advance Estimate growth of (-) 1.9 percent. 9.
Similarly, the IIP of manufacturing registered a growth rate of (-) 0.8 percent during 2013-14, as against the projected growth rate of (-) 0.3 percent for April- March 2013-14 used for compiling the
Advance Estimates. Due to this, the growth of ‘manufacturing’ sector is now estimated at (
-) 0.7 percent, as against the Advance Estimate growth of (-) 0.2 percent. 10.
The key indicators of construction sector, namely, cement and consumption of finished steel registered growth of 3.0 percent and 0.6 percent, respectively in 2013-14 as against 3.7 percent and 0.5 percent, respectively during April-December 2013. Consequently, the growth of the sector is revised to 1.6 percent as against 1.7 percent in the Advance Estimates.