THIS PRESS RELEASE IS EMBARGOED AGAINST PUBLICATION, TELECAST OR CIRCULATION ON INTERNET TILL 5:30 PM ON JANUARY 30, 2015 MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION GOVERNMENT OF INDIA Dated, the 30th January, 2015 10th Magha, 1936 Saka PRESS NOTE NEW SERIES ESTIMATES OF NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION (Base year 2011-12) The Ministry of Statistics & Programme Implementation has released the new series of national accounts, revising the base year from 2004-05 to 2011-12. The base year of national accounts was last revised in January 2010. 2. Base year revisions differ from annual revisions in National Accounts primarily because of nature of changes. In annual revisions, changes are made only on the basis of updated data becoming available without making any changes in the conceptual framework or using any new data source, to ensure strict comparison over years. In case of base year revisions, apart from a shift in the reference year for measuring the real growth, conceptual changes, as recommended by the international guidelines, are incorporated. Further, statistical changes like revisions in the methodology of compilation, adoption of latest classification systems, and, inclusion of new and recent data sources are also made. Changes are also made in the presentation of estimates to improve ease of understanding for analysis and facilitate international comparability. 3. Improvements as noted above, especially incorporation of new datasets, have resulted in a correction in the level of GDP, which is likely to affect a wide range of indicators where it is used as a reference point: for instance, trends in public expenditure, taxes and public sector debt that are conventionally analysed in terms of their ratios to nominal GDP. It may be noted that the level of revision in the present base revision is not large enough to affect any of these ratios significantly. 4. Users are requested to note that Gross Domestic Product (GDP) at factor cost will no longer be discussed in the press releases. As is the practice internationally, industry-wise estimates will be presented as Gross Value Added (GVA) at basic prices, while „GDP at market prices‟ will henceforth be referred to as GDP. Estimates of GVA at factor cost (earlier called GDP at factor cost) can be compiled by using the estimates of GVA at basic prices and production taxes less subsidies as given in Statement 3.1 of this note. For the years 2011-12, 2012-13 and 2013-14, GVA at factor cost have been compiled and are presented in Statements 10.1 & 10.2. 5. A brief note on the conceptual and statistical changes made in the new series, and its effect on the key estimates are given in Annex. A short publication giving more details of the revision shall be made available in public domain by the last week of February 2015. 6. The salient features of the key macro-economic aggregates are indicated in the following paragraphs. Gross Domestic Product 7. GDP for the base year 2011-12 is estimated as Rs. 88.3 lakh crore. Nominal GDP or GDP at current prices for the year 2012-13 is estimated as Rs. 99.9 lakh crore while that for the year 201314 is estimated as Rs. 113.5 lakh crore, exhibiting a growth of 13.1 percent and 13.6 percent during the years 2012-13 and 2013-14 respectively. 8. Real GDP or GDP at constant (2011-12) prices stands at Rs.92.8 lakh crore and Rs.99.2 lakh crore, respectively for the years 2012-13 and 2013-14, showing growth of 5.1 percent during 2012-13, and 6.9 percent during 2013-14. Industry-wise Analysis 9. The percentage changes in the Gross Value Added (GVA) at basic prices in different sectors of the economy are presented in Statements 4.1 and 4.2. At the aggregate level, nominal GVA at basic prices increased by 13.2 percent during 2013-14, as against 12.9 percent during 2012-13 (Statement 1.1). In terms of real GVA, i.e., GVA at constant (2011-12) basic prices, there has been a growth of 6.6 percent in 2013-14, as against growth of 4.9 percent in 2012-13. 10. The growth in GVA during 2013-14 has been higher than that in 2012-13 due to higher growth in „trade & repair services‟ (14.3%), „communication and services related to broadcasting‟ (13.4%), „other services‟ (10.7%), „agriculture, forestry and fishing‟ (3.7%), „construction‟ (2.5%) and „public administration & defence‟ (4.9%). Net National Income 11. Nominal Net National Income (NNI) for the year 2011-12 stands at Rs. 78.5 lakh crore, while the estimates for the years 2012-13 and 2013-14 are Rs. 88.4 lakh crore and Rs. 100.6 lakh crore, showing an increase of 12.7 percent and 13.7 percent during 2012-13 and 2013-14 rsepectively. Gross National Disposable Income 12. Gross National Disposable Income (GNDI) at current prices is estimated as Rs.90.6 lakh crore for the year 2011-12, while the estimates for the years 2012-13 and 2013-14 stand at 102.2 lakh crore and Rs.116.0 lakh crore, respectively. Saving 13. Gross Saving during 2011-12 is estimated as Rs.29.9 lakh crore, and the estimates for the years 2012-13 and 2013-14 are Rs. 31.8 lakh crore and Rs. 34.8 lakh crore respectively. Rate of Saving to GNDI for the years 2011-12, 2012-13 and 2013-14 is estimated as 33.0 percent, 31.1 percent and 30.0 percent respectively. 14. The highest contributor to the Gross Saving is the household sector, with a share of 59.4 percent in the year 2013-14. However, the share has declined from 67.3 percent in 2011-12 and 63.4 percent in 2012-13. This decline can be attributed to the decline in household savings in physical assets, which has declined from Rs.13.4 lakh crore in 2011-12 to Rs. 12.1 lakh crore in 2013-14. On the other hand, the share of Non-Financial Corporations has increased from 29.3 percent in 2011-12 to 34.5 percent in 2013-14. The share of Financial Corporations has been around 9 percent in all these years, while the dis-saving of General Government has decreased from 5.4 percent in 2011-12 to 3.2 percent in 2013-14. Capital Formation 15. Gross Capital Formation (GCF) at current and constant prices is estimated by two approaches – (i) through flow of funds, derived as Gross Saving plus net capital inflow from abroad; and (ii) by the commodity flow approach, derived by the type of assets. The estimates of GCF through the flow of funds approach are treated as the firmer estimates, and the difference between the two approaches is taken as “errors and omissions”. However, GCF by industry of use and by institutional sectors does not include “valuables”, and therefore, these estimates are lower than the estimates available from commodity flow. 16. Gross Capital Formation (GCF) at current prices is estimated as Rs. 33.7 lakh crore for the year 2011-12, while the estimates for both the years 2012-13 and 2013-14 stand at Rs. 36.6 lakh crore. Since GCF did not increase during 2013-14, the rate to GDP declined during the year to 32.3 percent as against 36.6 during 2012-13. The rate of GCF to GDP excluding valuables stands at 33.9 percent and 31 percent during 2012-13 and 2013-14 respectively. The rate of capital formation in the years 2011-12 to 2013-14 has been higher than the rate of saving because of net capital inflow from Rest of the World (ROW). 17. In terms of the share to the total GCF (at current prices), the highest contributor is NonFinancial Corporations, with the share rising steadily from 46.6 percent in 2011-12 to 51.5 percent in 2013-14. Share of household sector in GCF is also significant, which has declined from 42 percent in 2011-12 to 34.2 percent in 2013-14. The share of General Government in GCF has increased from 10 percent in 2011-12 to 13.2 percent in 2013-14. 18. The rate of Gross Capital Formation at constant (2011-12) prices has decreased from 37.2 in 2012-13 to 33.4 in 2013-14. 19. Within the Gross Capital Formation at current prices, the Gross Fixed Capital Formation (GFCF) amounted to Rs. 33.7 lakh crore in 2013-14 as against Rs. 31.4 lakh crore and Rs. 29.7 lakh crore in 2012-13 and 2011-12 respectively. The change in stocks of inventories, at current prices, decreased from Rs. 2.2 lakh crore in 2011-12 to Rs. 1.8 lakh crore in 2013-14, while the valuables decreased from Rs. 2.5 lakh crore in 2011-12 to Rs. 1.5 lakh crore in 2013-14. Consumption Expenditure 20. Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs. 50.9 lakh crore for the base year 2011-12, increasing to Rs. 58.8 lakh crore in 2012-13 and further to Rs. 67.7 lakh crore in 2013-14. In terms of GDP, the rates of PFCE at current prices during 2011-12, 2012-13 and 2013-14 are estimated at 57.6 percent, 58.8 percent and 59.7 percent respectively. 21. At constant (2011-12) prices, the PFCE is estimated at Rs. 53.7 lakh crore and Rs. 57.0 lakh crore for the years 2012-13 and 2013-14 respectively. The corresponding rates of PFCE for the years 2012-13 and 2013-14 are 57.9 percent and 57.5 percent respectively. 22. Government Final Consumption Expenditure (GFCE) is estimated at Rs. 9.9 lakh crore for the year 2011-12. The estimates of GFCE at current prices for the years 2012-13 and 2013-14 stand at Rs. 10.9 lakh crore and Rs. 12.8 lakh crore, respectively. At constant (2011-12) prices, the estimates of GFCE for the years 2012-13 and 2013-14 stand at Rs. 10.0 lakh crore and Rs. 10.9 lakh crore respectively. Estimates at per capita level 23. For the purpose of estimation of Per Capita Income and Per Capita PFCE, Population Projections compiled on the basis of Census 2011 have been used. Per Capita Income at current prices, estimated as Per Capita Net National Income at current prices, is estimated at Rs. 64316, Rs. 71593 and Rs. 80388 for the years 2011-12, 2012-13 and 2013-14 respectively. Correspondingly, Per Capita PFCE at current prices, for the years 2011-12, 2012-13 and 2013-14 is estimated as Rs. 41728, Rs. 47572 and Rs. 54133, respectively. 24. Details of these estimates are available in Statements 1-10 appended with this Press Note. 25. i. The upcoming releases on GDP are indicated below: Advance Estimates for the year 2014-15 alongwith quarterly estimates for Q1, Q2 and Q3 of 2014-15 on February 9, 2015; and Provisional Estimates for the year 2014-15 alongwith estimates for all the four quarters of the year on May 29, 2015. ii. ***************** List of Statements 1. 2. 3. 4. Statement 1.1: Key aggregates of national accounts at current prices Statement 1.2: Key aggregates of national accounts at constant (2011-12) prices Statement 2: Per Capita Income, Product and Final Consumption Statement 3.1: Output by economic activity and capital formation by industry of use at current prices 5. Statement 3.2: Output by economic activity and capital formation by industry of use at constant (2011-12) prices 6. Statement 4.1: Gross value added by economic activity at current basic prices 7. Statement 4.2: Gross value added by economic activity at constant (2011-12) basic prices 8. Statement 5: Finances for Gross Capital Formation 9. Statement 6.1: Gross Capital Formation by industry of use at current prices 10. Statement 6.2: Gross Capital Formation by industry of use at constant (2011-12) prices 11. Statement 7.1: Gross Fixed Capital Formation by asset & institutional sector at current prices 12. Statement 7.2: Gross Fixed Capital Formation by asset & institutional sector at constant (201112) prices 13. Statement 8.1: Private Final Consumption Expenditure at Current Prices 14. Statement 8.2: Private Final Consumption Expenditure at Constant (2011-12) Prices 15. Statement 9: Institutional Sectors – Key economic indicators at current prices 16. Statement 10.1: Gross Value Added at factor cost by economic activity at current prices 17. Statement 10.2 : Gross Value Added at factor cost by economic activity at constant (2011-12) prices NOTES ON THE STATEMENTS Statement 1.1 Key aggregates of national accounts at current prices (` crore) S.No. Item Domestic Product GVA at basic prices Taxes on Products including import duties Less Subsidies on Products GDP (1+2-3) CFC NDP(4-5) 1 2 3 4 5 6 10 10.1 10.2 11 11.1 11.2 12 13 Final Expenditures PFCE GFCE GCF of which: GFCF CIS VALUABLES Exports of goods and services Export of goods Export of services Less Imports of goods and services Import of goods Import of services Discrepancies GDP 14 15 16 17 18 19 20 21 Primary income receivable from ROW (net) GNI(13+14) NNI (15-5) Other current transfers (net) from ROW GNDI(15+17) NNDI(18-5) Gross Saving Net Saving 7 8 9 9.1 9.2 9.3 2011-12 2012-13 2013-14 Gross Saving to GNDI GCF to GDP GCF excluding Valuables to GDP PFCE to NNI PFCE GFCE GFCF CIS VALUABLES Exports of goods and services Export of goods Export of services Less Imports of goods and services Import of goods Import of services Discrepancies Totals may not tally due to rounding off. 2013-14 9252051 1057442 320953 9988540 1030044 8958496 10477140 1197938 330022 11345056 1148645 10196410 12.9 19.2 28.1 13.1 13.4 13.1 13.2 13.3 2.8 13.6 11.5 13.8 5090822 987220 3370097 5875111 1093130 3659183 6772066 1277467 3662490 15.4 10.7 8.6 15.3 16.9 0.1 2971246 214555 253033 2143931 1466233 677698 2715554 2345463 370091 -113242 8832012 3136364 213719 275497 2439707 1647221 792486 3108428 2669160 439268 63439 9988540 3367856 176227 145451 2854713 1937531 917182 3190352 2715430 474922 -58373 11345056 5.6 -0.4 8.9 13.8 12.3 16.9 14.5 13.8 18.7 7.4 -17.5 -47.2 17.0 17.6 15.7 2.6 1.7 8.1 13.1 13.6 -76824 8755188 7846531 304902 9060090 8151433 2993926 2085269 -116763 9871777 8841733 350081 10221858 9191814 3181263 2151219 -139887 11205169 10056523 395918 11601087 10452441 3475935 2327289 52.0 12.8 12.7 14.8 12.8 12.8 6.3 3.2 19.8 13.5 13.7 13.1 13.5 13.7 9.3 8.2 33.0 38.2 35.3 64.9 31.1 36.6 33.9 66.4 30.0 32.3 31.0 67.3 Rates of Expenditure Components to GDP 26 27 28 29 30 31 31.1 31.2 32 32.1 32.2 33 2012-13 8195546 886969 250503 8832012 908657 7923355 Rates 22 23 24 25 percentage change over previous year 57.6 11.2 33.6 2.4 2.9 24.3 16.6 7.7 30.7 26.6 4.2 -1.3 58.8 10.9 31.4 2.1 2.8 24.4 16.5 7.9 31.1 26.7 4.4 0.6 59.7 11.3 29.7 1.6 1.3 25.2 17.1 8.1 28.1 23.9 4.2 -0.5 Statement 1.2 Key aggregates of national accounts at constant (2011-12) prices (` crore) S.No. Item Domestic Product GVA at basic prices Taxes on Products including import duties Less Subsidies on Products GDP (1+2-3) CFC NDP(4-5) 1 2 3 4 5 6 12 13 Final Expenditures PFCE GFCE GCF of which: GFCF CIS VALUABLES Exports of goods and services Export of goods Export of services Less Imports of goods and services Import of goods Import of services Discrepancies GDP 14 15 16 Primary income receivable from ROW(net) GNI(13+14) NNI (15-5) 17 18 19 Rates GCF to GDP GCF excluding Valuables to GDP PFCE to NNI 7 8 9 9.1 9.2 9.3 10 10.1 10.2 11 11.1 11.2 2011-12 2012-13 2013-14 9169787 1037006 285687 9921106 1048979 8872127 4.9 10.3 18.6 5.1 7.8 4.8 6.6 6.0 -3.8 6.9 7.1 6.9 5090822 987220 3370097 5370768 1004155 3457083 5704132 1086121 3317928 5.5 1.7 2.6 6.2 8.2 -4.0 2971246 214555 253033 2143931 1466233 677698 2715554 2345463 370091 -113242 8832012 2962726 201262 261353 2286611 1554420 732191 2877291 2471444 405847 39476 9280803 3050236 158211 133975 2453005 1664289 788716 2636313 2227911 408402 -3768 9921106 -0.3 -6.2 3.3 6.7 6.0 8.0 6.0 5.4 9.7 3.0 -21.4 -48.7 7.3 7.1 7.7 -8.4 -9.9 0.6 5.1 6.9 -76824 8755188 7846531 -107878 9172925 8193427 -120293 9800813 8751834 40.4 4.8 4.4 11.5 6.8 6.8 38.2 35.3 64.9 37.2 34.4 65.5 33.4 32.1 65.2 57.5 10.9 30.7 1.6 1.4 24.3 24.6 16.6 16.7 Export of goods 7.7 7.9 Export of services 30.7 31.0 26 Less Imports of goods and services 26.6 26.6 26.1 Import of goods 4.2 4.4 26.2 Import of services -1.3 0.4 27 Discrepancies Note: Estimates of Savings and Disposable Income are compiled only at current prices. 24.7 16.8 7.9 26.6 22.5 4.1 0.0 25 Exports of goods and services 25.1 25.2 Totals may not tally due to rounding off. 2013-14 8599224 978603 297024 9280803 979498 8301305 57.9 10.8 31.9 2.2 2.8 PFCE GFCE GFCF CIS VALUABLES 2012-13 8195546 886969 250503 8832012 908657 7923355 Rates of Expenditure Components to GDP 20 21 22 23 24 Percentage change over previous year 57.6 11.2 33.6 2.4 2.9 Statement 2 Per Capita Income, Product and Final Consumption S.No. Item 2011-12 2012-13 2013-14 Percentage change over previous year 2012-13 2013-14 1 Population* (in million) At current prices (`) 2 Per Capita GDP 3 Per Capita GNI 4 Per Capita NNI 5 Per Capita GNDI 6 Per Capita PFCE At constant (2011-12) prices(`) 7 Per Capita GDP 8 Per Capita GNI 9 Per Capita NNI 10 Per Capita PFCE * Relates to mid-financial year 1220 1235 1251 1.2 1.3 72394 71764 64316 74263 41728 80879 79933 71593 82768 47572 90688 89570 80388 92735 54133 11.7 11.4 11.3 11.5 14.0 12.1 12.1 12.3 12.0 13.8 72394 71764 64316 41728 75148 74275 66344 43488 79305 78344 69959 45597 3.8 3.5 3.2 4.2 5.5 5.5 5.4 4.8 Statement 3.1 Output by economic activity and capital formation by industry of use at current prices 2011-12 2012-13 (` crore) 2013-14 Agriculture, forestry and fishing Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 1953136 447556 1505580 95648 1409932 232107 1226205 -48380 275319 77.1 14.1 2178811 510135 1668676 110196 1558480 253861 1365909 -61290 258869 76.6 11.9 2462737 581585 1881152 127461 1753691 289630 1534730 -70668 278723 76.4 11.3 2 2.1 2.1.1 2.1.2 2.1.2.1 2.1.2.2 2.1.2.2.1 2.1.2.2.2 2.1.2.2.3 2.2 2.3 2.4 Mining and quarrying Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 443883 181070 262813 31867 230946 62537 164968 3442 66568 59.2 15.0 495246 210475 284771 35785 248986 68454 178856 1676 80845 57.5 16.3 523775 225231 298544 40960 257584 71583 184524 1477 110181 57.0 21.0 3 3.1 3.1.1 3.1.2 Manufacturing Output Intermediate consumption GVA at basic prices 7217642 5735484 1482158 7489106 5835022 1654084 8149048 6340678 1808370 3.1.2.1 CFC 258961 280152 299895 3.1.2.2 3.1.2.2.1 3.1.2.2.2 3.1.2.2.3 3.2 3.3 3.4 NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 1223197 339734 870309 13153 627398 20.5 8.7 1373932 393274 963875 16782 693170 22.1 9.3 1508475 437480 1051611 19384 677322 22.2 8.3 S.No. Item 1 1.1 1.1.1 1.1.2 1.1.2.1 1.1.2.2 1.1.2.2.1 1.1.2.2.2 1.1.2.2.3 1.2 1.3 1.4 Totals may not tally due to rounding off. Statement 3.1 Output by economic activity and capital formation by industry of use at current prices S.No. 2012-13 860989 666586 194403 62365 132038 66201 73829 -7992 286244 22.6 33.2 993620 779794 213826 74340 139486 67537 77067 -5118 323003 21.5 32.5 1122366 878146 244220 86820 157400 72245 86559 -1404 350659 21.8 31.2 2181008 1406914 774093 36540 737553 510240 2258819 1456935 801884 42322 759562 522469 2436206 1567398 868808 47345 821463 559516 5.1.2.2.2 OS/MI 223062 232482 257310 5.1.2.2.3 Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 4251 208502 35.5 9.6 4610 195233 35.5 8.6 4637 191862 35.7 7.9 1318302 435345 882957 45417 837540 214292 614703 8545 204686 67.0 15.5 1545662 499421 1046241 55088 991153 243534 733395 14223 321223 67.7 20.8 1837238 579914 1257324 66248 1191076 290169 880638 20269 406811 68.4 22.1 5 5.1 5.1.1 5.1.2 5.1.2.1 5.1.2.2 5.1.2.2.1 5.2 5.3 5.4 (` crore) 2013-14 2011-12 4 4.1 4.1.1 4.1.2 4.1.2.1 4.1.2.2 4.1.2.2.1 4.1.2.2.2 4.1.2.2.3 4.2 4.3 4.4 6 6.1 6.1.1 6.1.2 6.1.2.1 6.1.2.2 6.1.2.2.1 6.1.2.2.2 6.1.2.2.3 6.2 6.3 6.4 Item Electricity, gas, water supply and other utility services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio Construction Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE Trade, repair, hotels and restaurants Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio Totals may not tally due to rounding off. Statement 3.1 Output by economic activity and capital formation by industry of use at current prices S.No. Item 2011-12 2012-13 (` crore) 2013-14 7 7.1 7.1.1 7.1.2 7.1.2.1 7.1.2.2 7.1.2.2.1 7.1.2.2.2 7.1.2.2.3 7.2 7.3 7.4 Transport, storage, communication & services related to broadcasting 1256845 Output 726682 Intermediate consumption 530163 GVA at basic prices 82603 CFC 447560 NVA at basic prices 206817 CE 255524 OS/MI -14781 Production taxes less production subsidies 225796 Gross Capital Formation GVA to Output Ratio 42.2 GCF to Output Ratio 18.0 1426746 812510 614236 92550 521686 231503 305951 -15769 226362 43.1 15.9 1587185 898449 688736 99084 589652 255668 353512 -19528 195466 43.4 12.3 8 8.1 8.1.1 8.1.2 8.1.2.1 8.1.2.2 8.1.2.2.1 8.1.2.2.2 8.1.2.2.3 8.2 8.3 8.4 Financial services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 650457 170225 480232 7577 472655 133982 338301 372 46164 73.8 7.1 736024 189584 546440 9450 536991 154762 382082 147 43311 74.2 5.9 815151 205687 609464 11345 598119 173563 424397 159 39209 74.8 4.8 9 9.1 9.1.1 9.1.2 9.1.2.1 9.1.2.2 9.1.2.2.1 9.1.2.2.2 9.1.2.2.3 9.2 9.3 9.4 Real estate, ownership of dwelling and professional services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 1390484 331142 1059342 154207 905135 260570 615049 29517 835256 76.2 60.1 1640195 378936 1261259 186005 1075254 317039 725682 32533 760031 76.9 46.3 1912101 446942 1465159 213480 1251679 376990 839063 35626 713592 76.6 37.3 Totals may not tally due to rounding off. Statement 3.1 Output by economic activity and capital formation by industry of use at current prices 2011-12 2012-13 (` crore) 2013-14 674659 182254 492405 85197 407208 407208 0 0 261548 73.0 38.8 731660 177285 554375 91313 463062 463062 0 0 283701 75.8 38.8 744084 113584 630500 98190 532310 532310 0 0 374433 84.7 50.3 Other Services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 763564 232165 531398 48273 483125 340383 141722 1020 148320 69.6 19.4 871274 265015 606259 52842 553417 381198 171101 1118 164336 69.6 18.9 1039013 314151 724862 57816 667046 448766 218165 115 205824 69.8 19.8 Total Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 18710969 10515423 8195546 908657 7286889 2774071 4523670 -10852 3185801 43.8 17.0 20367163 11115112 9252051 1030044 8222007 3096693 5136402 -11087 3350084 45.4 16.4 22628904 12151765 10477140 1148645 9328494 3507919 5830509 -9934 3544083 46.3 15.7 S.No. 10 10.1 10.1.1 10.1.2 10.1.2.1 10.1.2.2 10.1.2.2.1 10.1.2.2.2 10.1.2.2.3 10.2 10.3 10.4 Item Public administration and defence Output Intermediate consumption GVA at basic prices CFC NVA at basic prices CE OS/MI Production taxes less production subsidies Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 11 11.1 11.1.1 11.1.2 11.1.2.1 11.1.2.2 11.1.2.2.1 11.1.2.2.2 11.1.2.2.3 11.2 11.3 11.4 12 12.1 12.1.1 12.1.2 12.1.2.1 12.1.2.2 12.1.2.2.1 12.1.2.2.2 12.1.2.2.3 12.2 12.3 12.4 Totals may not tally due to rounding off. Statement 3.2 Output by economic activity and capital formation by industry of use at constant (2011-12) prices 2011-12 2012-13 (` crore) 2013-14 1953136 447556 1505580 95648 1409932 275319 77.1 14.1 1972789 449319 1523470 102239 1421231 239778 77.2 12.2 2044019 464729 1579290 108662 1470628 238976 77.3 11.7 Mining and quarrying Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 443883 181070 262813 31867 230946 66568 59.2 15.0 457458 195205 262253 34070 228183 76150 57.3 16.6 479957 203577 276380 37126 239254 97909 57.6 20.4 Manufacturing Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 7217642 5735484 1482158 258961 1223197 627398 20.5 8.7 7088458 5513987 1574471 269428 1305043 664132 22.2 9.4 7389934 5731758 1658176 279408 1378768 628053 22.4 8.5 860989 666586 194403 62365 132038 286244 22.6 33.2 899615 697391 202224 71651 130573 310892 22.5 34.6 941918 730072 211846 81170 130676 326130 22.5 34.6 S.No. Item 1 1.1 1.1.1 1.1.2 1.1.2.1 1.1.2.2 1.2 1.3 1.4 Agriculture, forestry and fishing Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 2 2.1 2.1.1 2.1.2 2.1.2.1 2.1.2.2 2.2 2.3 2.4 3 3.1 3.1.1 3.1.2 3.1.2.1 3.1.2.2 3.2 3.3 3.4 4 4.1 4.1.1 4.1.2 4.1.2.1 4.1.2.2 4.2 4.3 4.4 Electricity, gas, water supply and other utility services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio Totals may not tally due to rounding off. Statement 3.2 Output by economic activity and capital formation by industry of use at constant (2011-12) prices 2011-12 2012-13 (` crore) 2013-14 Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 2181008 1406914 774093 36540 737553 208502 35.5 9.6 2089454 1348936 740518 40377 700141 184441 35.4 8.8 2137045 1378158 758887 43973 714914 176299 35.5 8.2 6 6.1 6.1.1 6.1.2 6.1.2.1 6.1.2.2 6.2 6.3 6.4 Trade, repair, hotels and restaurants Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 1318302 435345 882957 45417 837540 204686 67.0 15.5 1429704 455904 973800 51926 921874 300760 68.1 21.0 1620558 517026 1103532 60048 1043484 364400 68.1 22.5 7 7.1 7.1.1 7.1.2 7.1.2.1 7.1.2.2 7.2 7.3 7.4 Transport, storage, communication & services related to broadcasting 1256845 Output 726682 Intermediate consumption 530163 GVA at basic prices 82603 CFC 447560 NVA at basic prices 225796 Gross Capital Formation GVA to Output Ratio 42.2 GCF to Output Ratio 18.0 1329518 754579 574939 88848 486091 216644 43.2 16.3 1395673 778692 616981 92260 524721 181083 44.2 13.0 8 8.1 8.1.1 8.1.2 8.1.2.1 8.1.2.2 8.2 8.3 8.4 Financial services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 690056 177743 512313 9161 503152 41621 74.2 6.0 729074 183967 545107 10826 534281 37210 74.8 5.1 S.No. 5 5.1 5.1.1 5.1.2 5.1.2.1 5.1.2.2 5.2 5.3 5.4 Item Construction Totals may not tally due to rounding off. 650457 170225 480232 7577 472655 46164 73.8 7.1 Statement 3.2 Output by economic activity and capital formation by industry of use at constant (2011-12) prices 2011-12 2012-13 (` crore) 2013-14 1390484 331142 1059342 154207 905135 835256 76.2 60.1 1516081 352989 1163092 173688 989404 709007 76.7 46.8 1654333 392102 1262231 190774 1071457 636539 76.3 38.5 Public administration and defence Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 674659 182254 492405 85197 407208 261548 73.0 38.8 674630 166682 507948 87747 420201 265961 75.3 39.4 634055 101459 532596 91431 441165 335836 84.0 53.0 11 11.1 11.1.1 11.1.2 11.1.2.1 11.1.2.2 Other Services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices 763564 232165 531398 48273 483125 809341 245145 564196 50362 513834 893522 268761 624761 53300 571461 11.2 Gross Capital Formation 148320 154601 186010 11.3 11.4 GVA to Output Ratio GCF to Output Ratio 69.6 19.4 69.7 19.1 69.9 20.8 12 12.1 12.1.1 12.1.2 12.1.2.1 12.1.2.2 12.2 12.3 12.4 Total Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 18710969 10515423 8195546 908657 7286889 3185801 43.8 17.0 18957104 10357880 8599224 979498 7619726 3163987 45.4 16.7 19920088 10750302 9169787 1048979 8120808 3208447 46.0 16.1 S.No. Item 9 9.1 9.1.1 9.1.2 9.1.2.1 9.1.2.2 9.2 9.3 9.4 Real estate, ownership of dwelling and professional services Output Intermediate consumption GVA at basic prices CFC NVA at basic prices Gross Capital Formation GVA to Output Ratio GCF to Output Ratio 10 10.1 10.1.1 10.1.2 10.1.2.1 10.1.2.2 10.2 10.3 10.4 Totals may not tally due to rounding off. Statement 4.1 Gross value added by economic activity at current basic prices (` crore) S.No. 1. 1.1 1.2 1.3 1.4 2. 3. Item Agriculture, forestry and fishing crops livestock forestry and logging fishing and aquaculture Mining and quarrying Manufacturing 2011-12 2012-13 Percentage Share 2013-14 1505580 986604 324013 129105 65858 262813 1482158 1668676 1080421 367318 142886 78051 284771 1654084 1881152 1233595 406035 144698 96824 298544 1808370 2011-12 18.4 12.0 4.0 1.6 0.8 3.2 18.1 2012-13 18.0 11.7 4.0 1.5 0.8 3.1 17.9 2013-14 18.0 11.8 3.9 1.4 0.9 2.8 17.3 3.1 Food Products, Beverages and Tobacco 164211 171900 186611 2.0 1.9 1.8 3.2 3.3 3.4 3.5 Textiles, Apparel and Leather Products Metal Products Machinery and Equipment Other Manufactured Goods Electricity, gas, water supply & other utility services Construction Trade, repair, hotels and restaurants Trade & repair services Hotels & restaurants Transport, storage, communication & services related to broadcasting Railways Road transport Water transport Air transport Services incidental to transport Storage Communication & services related to broadcasting Financial services Real estate, ownership of dwelling & professional services Public administration and defence Other services TOTAL GVA at basic prices 149695 294827 316486 556939 197622 237157 364953 682452 222320 251563 401305 746571 1.8 3.6 3.9 6.8 2.1 2.6 3.9 7.4 2.1 2.4 3.8 7.1 194403 213826 244220 2.4 2.3 2.3 774093 882957 792996 89962 801884 1046241 946401 99840 868808 1257324 1147274 110050 9.4 10.8 9.7 1.1 8.7 11.3 10.2 1.1 8.3 12.0 11.0 1.1 530163 614236 688736 6.5 6.6 6.6 61210 260888 7193 4454 63573 5292 72386 303132 7468 7989 72205 6254 79759 334086 7664 6621 76583 6844 0.7 3.2 0.1 0.1 0.8 0.1 0.8 3.3 0.1 0.1 0.8 0.1 0.8 3.2 0.1 0.1 0.7 0.1 127553 144802 177179 1.6 1.6 1.7 480232 546440 609464 5.9 5.9 5.8 1059342 1261259 1465159 12.9 13.6 14.0 492405 531398 8195546 554375 606259 9252051 630500 724862 10477140 6.0 6.5 100.0 6.0 6.6 100.0 6.0 6.9 100.0 4. 5. 6. 6.1 6.2 7. 7.1 7.2 7.3 7.4 7.5 7.6 7.7 8. 9. 10. 11. 12. Totals may not tally due to rounding off. Statement 4.2 Gross value added by economic activity at constant (2011-12) basic prices (` crore) S.No. 1. 1.1 1.2 1.3 1.4 2. 3. Item Agriculture, forestry and fishing crops livestock forestry and logging fishing and aquaculture Mining and quarrying Manufacturing 2011-12 2012-13 2013-14 1505580 986604 324013 129105 65858 262813 1482158 1523470 985194 340661 128160 69455 262253 1574471 1579290 1017921 359312 128550 73507 276380 1658176 percentage change over previous year 2012-13 2013-14 1.2 3.7 -0.1 3.3 5.1 5.5 -0.7 0.3 5.5 5.8 -0.2 5.4 6.2 5.3 3.1 Food Products, Beverages and Tobacco 164211 160960 167084 -2.0 3.8 3.2 3.3 3.4 3.5 Textiles, Apparel and Leather Products Metal Products Machinery and Equipment Other Manufactured Goods Electricity, gas, water supply & other utility services Construction Trade, repair, hotels and restaurants Trade & repair services Hotels & restaurants Transport, storage, communication & services related to broadcasting Railways Road transport Water transport Air transport Services incidental to transport Storage Communication & services related to broadcasting Financial services Real estate, ownership of dwelling & professional services Public administration and defence Other services TOTAL GVA at basic prices 149695 294827 316486 556939 193215 223142 353540 643614 205338 238557 377882 669315 29.1 -24.3 11.7 15.6 6.3 6.9 6.9 4.0 194403 202224 211846 4.0 4.8 774093 882957 792996 89962 740518 973800 880867 92933 758887 1103532 1006951 96581 -4.3 10.3 11.1 3.3 2.5 13.3 14.3 3.9 530163 574939 616981 8.4 7.3 61210 260888 7193 4454 63573 5292 72249 280365 7417 4192 69153 5928 78940 294326 7671 4444 71771 6011 18.0 7.5 3.1 -5.9 8.8 12.0 9.3 5.0 3.4 6.0 3.8 1.4 127553 135635 153818 6.3 13.4 480232 512313 545107 6.7 6.4 1059342 1163092 1262231 9.8 8.5 492405 531398 8195546 507948 564196 8599224 532596 624761 9169787 3.2 6.2 4.9 4.9 10.7 6.6 4. 5. 6. 6.1 6.2 7. 7.1 7.2 7.3 7.4 7.5 7.6 7.7 8. 9. 10. 11. 12. Totals may not tally due to rounding off. Statement 5 Finances for Gross Capital Formation S.No. 1 Item Gross Savings (` crore) 2013-14 Percentage Share 2011-12 2012-13 2013-14 2993926 3181263 3475935 88.8 86.9 94.9 2011-12 2012-13 1.1 1.1.1 1.1.1.1 1.1.1.2 1.1.2 Non-financial corporations Public non-financial corporations Departmental enterprises Non-departmental enterprises Private non-financial corporations 877386 122853 24769 98084 754532 978732 1200632 124619 120540 31253 32150 93366 88390 854113 1080092 1.2 1.2.1 1.2.1.1 1.2.1.2 1.2.2 Financial corporations Public financial corporations Departmental enterprises Non-departmental enterprises Private financial corporations 262905 163313 4285 159028 99592 314424 172607 5173 167434 141817 1.3 General Government -160978 -128016 1.4 1.4.1 1.4.2 1.4.3 1.4.4 Household sector Gross financial saving Less Financial liabilities saving in physical assets saving in the form of valuables 2 net capital inflow from ROW 3 finances for gross capital formation (1+2) Totals may not tally due to rounding off. 26.0 3.6 0.7 2.9 22.4 26.7 3.4 0.9 2.6 23.3 32.8 3.3 0.9 2.4 29.5 321752 170220 5475 164745 151532 7.8 4.8 0.1 4.7 3.0 8.6 4.7 0.1 4.6 3.9 8.8 4.6 0.1 4.5 4.1 -111628 -4.8 -3.5 -3.0 2014613 2016122 2065179 933543 1024452 1279254 290117 330218 459804 1337552 1284620 1212302 33635 37267 33427 59.8 27.7 8.6 39.7 1.0 55.1 28.0 9.0 35.1 1.0 56.4 34.9 12.6 33.1 0.9 186555 11.2 13.1 5.1 3370097 3659183 3662490 100.0 100.0 100.0 376171 477920 Statement 6.1 Gross Capital Formation by industry of use at current prices (` crore) S.No. Item 2011-12 2012-13 2013-14 Percentage Share 2011-12 2012-13 2013-14 1. 1.1 1.2 1.3 1.4 2. 3. 8.6 7.7 7.9 Agriculture, forestry and fishing 7.4 6.5 6.6 crops 0.8 0.7 0.7 livestock 0.1 0.1 0.1 forestry and logging 0.4 0.4 0.5 fishing and aquaculture 2.1 2.4 3.1 Mining and quarrying 19.7 20.7 19.1 Manufacturing Electricity, gas, water supply & other 4. 286244 323003 350659 9.0 9.6 9.9 utility services 5. Construction 208502 195233 191862 6.5 5.8 5.4 6. Trade, repair, hotels and restaurants 204686 321223 406811 6.4 9.6 11.5 6.1 Trade & repair services 169512 289596 373976 5.3 8.6 10.6 6.2 Hotels & restaurants 35174 31628 32835 1.1 0.9 0.9 Transport, storage, communication & 7. 225796 226362 195466 7.1 6.8 5.5 services related to broadcasting 7.1 Railways 31382 37169 41139 1.0 1.1 1.2 7.2 Road transport 96146 84069 56020 3.0 2.5 1.6 7.3 Water transport 7366 7204 911 0.2 0.2 0.0 7.4 Air transport 6284 5798 1670 0.2 0.2 0.0 7.5 Services incidental to transport 16327 27784 27016 0.5 0.8 0.8 7.6 Storage 6709 3421 5648 0.2 0.1 0.2 Communication & services related to 7.7 61582 60915 63062 1.9 1.8 1.8 broadcasting 8. Financial services 46164 43311 39209 1.4 1.3 1.1 Real estate, ownership of dwelling & 9. 835256 760031 713592 26.2 22.7 20.1 professional services 10. Public administration and defence 261548 283701 374433 8.2 8.5 10.6 11. Other services 148320 164336 205824 4.7 4.9 5.8 3185801 3350084 3544083 100.0 100.0 100.0 12. Total GCF by industry of use* * This does not include valuables and adjustment factor from flow of funds and hence will not match with GCF, reported in Statement 1.1 Totals may not tally due to rounding off. 275319 235370 25800 2223 11927 66568 627398 258869 217709 24955 2235 13971 80845 693170 278723 234080 25042 2813 16787 110181 677322 Statement 6.2 Gross Capital Formation by industry of use at constant (2011-12) prices (` crore) S.No. Item 2011-12 2012-13 2013-14 percentage change over previous year 2012-13 2013-14 1. 1.1 1.2 1.3 1.4 2. 3. -12.9 -0.3 Agriculture, forestry and fishing -14.3 -0.8 crops -11.2 -4.3 livestock -6.7 18.8 forestry and logging 10.3 11.1 fishing and aquaculture 14.4 28.6 Mining and quarrying 5.9 -5.4 Manufacturing Electricity, gas, water supply & other 4. 286244 310892 326130 8.6 4.9 utility services 5. Construction 208502 184441 176299 -11.5 -4.4 6. Trade, repair, hotels and restaurants 204686 300760 364400 46.9 21.2 6.1 Trade & repair services 169512 271070 334811 59.9 23.5 6.2 Hotels & restaurants 35174 29690 29589 -15.6 -0.3 Transport, storage, communication & 7. 225796 216644 181083 -4.1 -16.4 services related to broadcasting 7.1 Railways 31382 34825 36761 11.0 5.6 7.2 Road transport 96146 80150 51450 -16.6 -35.8 7.3 Water transport 7366 6990 622 -5.1 -91.1 7.4 Air transport 6284 5568 1539 -11.4 -72.4 7.5 Services incidental to transport 16327 26415 24973 61.8 -5.5 7.6 Storage 6709 3195 5013 -52.4 56.9 Communication & services related to 7.7 61582 59500 60725 -3.4 2.1 broadcasting 8. Financial services 46164 41621 37210 -9.8 -10.6 Real estate, ownership of dwelling & 9. 835256 709007 636539 -15.1 -10.2 professional services 10. Public administration and defence 261548 265961 335836 1.7 26.3 11. Other services 148320 154601 186010 4.2 20.3 3185801 3163987 3208447 -0.7 1.4 12. Total GCF by industry of use* * This does not include valuables and adjustment factor from flow of funds and hence will not match with GCF, reported in Statement 1.2 Totals may not tally due to rounding off. 275319 235370 25800 2223 11927 66568 627398 239778 201629 22917 2073 13159 76150 664132 238976 199959 21931 2462 14624 97909 628053 Statement 7.1 Gross Fixed Capital Formation by asset & institutional sector at current prices S.No. Item Gross Fixed Capital Formation 2011-12 2012-13 (` crore) 2013-14 2971246 3136364 3367856 Percentage Share 2011-12 2012-13 2013-14 100 100 100 1 1.1 1.2 1.3 1.4 Public Non-Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 332240 139114 165977 199 26950 345859 144361 167999 237 33261 403294 169747 184621 251 48674 11.2 4.7 5.6 0 0.9 11.0 4.6 5.4 0 1.1 12.0 5.0 5.5 0 1.4 2 2.1 2.2 2.3 2.4 Private Non-Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 958217 251735 607543 1169 97769 1144400 342219 698358 1287 102537 1256228 411877 725187 1389 117774 32.2 8.5 20.4 0 3.3 36.5 10.9 22.3 0 3.3 37.3 12.2 21.5 0 3.5 3 3.1 3.2 3.3 3.4 Public Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 8428 2220 6048 0 160 10385 2426 7675 0 284 11976 3207 8496 0 273 0.3 0.1 0.2 0 0 0.3 0.1 0.2 0 0 0.4 0.1 0.3 0 0 4 4.1 4.2 4.3 4.4 Private Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 27970 11193 10193 9 6576 29954 13850 10946 26 5132 32052 14910 10847 28 6267 0.9 0.4 0.3 0 0.2 1.0 0.4 0.3 0 0.2 1.0 0.4 0.3 0 0.2 5 5.1 5.2 5.3 5.4 General Government Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 316117 235448 68484 157 12028 342443 260713 68512 145 13073 465501 363553 86779 676 14493 10.6 7.9 2.3 0 0.4 10.9 8.3 2.2 0 0.4 13.8 10.8 2.6 0 0.4 6 Household Sector 1328274 1263323 Dwellings, Other buildings & Structures 1122548 1062363 Machinery & equipment 200038 196051 Cultivated biological resources 5629 4825 Intellectual property products 59 84 Figures in parentheses indicate share in the concerned institutional sector 1198806 1009853 183932 4955 66 44.7 37.8 6.7 0.2 0 40.3 33.9 6.3 0.2 0 35.6 30.0 5.5 0.1 0 6.1 6.2 6.3 6.4 Totals may not tally due to rounding off. Statement 7.2 Gross Fixed Capital Formation by asset & institutional sector at constant (2011-12) prices S.No. Item Gross Fixed Capital Formation 2011-12 2012-13 (` crore) 2013-14 2971246 2962726 3050236 1 1.1 1.2 1.3 1.4 Public Non-Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 332240 139114 165977 199 26950 327161 132914 163856 216 30175 362636 146128 176035 204 40269 2 2.1 2.2 2.3 2.4 Private Non-Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 958217 251735 607543 1169 97769 1099809 316794 682491 1197 99327 1170457 362668 693598 1232 112959 3 3.1 3.2 3.3 3.4 Public Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 8428 2220 6048 0 160 10117 2246 7589 0 282 11433 2825 8335 0 272 4 4.1 4.2 4.3 4.4 Private Financial Corporations Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 27970 11193 10193 9 6576 28737 12823 10806 24 5084 30012 13133 10598 25 6256 5 5.1 5.2 5.3 5.4 General Government Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 316117 235448 68484 157 12028 320816 241371 67090 131 12224 417165 320219 83466 550 12931 6 Household Sector Dwellings, Other buildings & Structures Machinery & equipment Cultivated biological resources Intellectual property products 1328274 1122548 200038 5629 59 1176086 981528 190112 4362 84 1058533 880646 173515 4306 66 6.1 6.2 6.3 6.4 Totals may not tally due to rounding off. Statement 8.1 Private Final Consumption Expenditure at Current Prices (` crore) S.No. Item 2011-12 2012-13 2013-14 Percentage Share 2011-12 2012-13 2013-14 Private Final Consumption Expenditure 1. 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.1 1.11 1.12 2. 2.1 2.2 2.3 2.4 3. 4.1 4.2 5. By purpose Food and non-alcoholic beverages Alcoholic beverages, tobacco and narcotics Clothing and footwear Housing, water, electricity, gas and other fuels Furnishings, household equipment and routine household maintenance Health Transport Communication Recreation and culture Education Restaurants and hotels Miscellaneous goods and services By durability Durable goods Semi-durable goods Non-durable goods Services Private Final Consumption Expenditure in domestic market Final consumption expenditure of resident households in the rest of the world Final consumption expenditure of non-resident households in the economic territory Private Final Consumption Expenditure (3+4.14.2) Totals may not tally due to rounding off. 1492455 158311 357504 1758536 159751 411826 2079916 175854 456457 29.2 3.1 7.0 29.7 2.7 7.0 30.5 2.6 6.7 770788 862486 1000566 15.1 14.6 14.7 182432 226315 266069 3.6 3.8 3.9 181334 761608 98012 56273 137067 116644 803942 220931 891162 110846 60701 156437 129186 923609 261209 982240 127287 66378 187785 156100 1052533 3.5 14.9 1.9 1.1 2.7 2.3 15.7 3.7 15.1 1.9 1.0 2.6 2.2 15.6 3.8 14.4 1.9 1.0 2.8 2.3 15.5 165686 442110 2118750 2389826 214075 502097 2475754 2719859 237598 551315 2856894 3166587 3.2 8.6 41.4 46.7 3.6 8.5 41.9 46.0 3.5 8.1 41.9 46.5 5116371 5911785 6812394 100.0 100.0 100.0 65906 64333 71426 +1.3 +1.1 +1 91455 101007 111754 -1.8 -1.7 -1.6 5090822 5875111 6772066 99.5 99.4 99.4 Statement 8.2 Private Final Consumption Expenditure at Constant (2011-12) Prices (` crore) S.No. Item 2011-12 2012-13 2013-14 percentage change over previous year 2012-13 2013-14 Private Final Consumption Expenditure 1. 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.1 1.11 1.12 2. 2.1 2.2 2.3 2.4 3. 4.1 4.2 5. By purpose Food and non-alcoholic beverages Alcoholic beverages, tobacco and narcotics Clothing and footwear Housing, water, electricity, gas and other fuels Furnishings, household equipment and routine household maintenance Health Transport Communication Recreation and culture Education Restaurants and hotels Miscellaneous goods and services By durability Durable goods Semi-durable goods Non-durable goods Services Private Final Consumption Expenditure in domestic market Final consumption expenditure of resident households in the rest of the world Final consumption expenditure of non-resident households in the economic territory Private Final Consumption Expenditure (3+4.14.2) Totals may not tally due to rounding off. 1492455 158311 357504 1574878 143849 372629 1696626 143808 376674 5.5 -9.1 4.2 7.7 0.0 1.1 770788 810985 849348 5.2 4.7 182432 215665 239061 18.2 10.8 181334 761608 98012 56273 137067 116644 803942 207641 783230 103745 56901 145786 120330 869289 230829 825751 111475 58714 161515 137162 908614 14.5 2.8 5.8 1.1 6.4 3.2 8.1 11.2 5.4 7.5 3.2 10.8 14.0 4.5 165686 442110 2118750 2389826 202603 458481 2195039 2548805 220750 463820 2331983 2723024 22.3 3.7 3.6 6.7 9.0 1.2 6.2 6.8 5116371 5404928 5739577 5.6 6.2 65906 59923 62777 -9.1 4.8 91455 94083 98222 2.9 4.4 5090822 5370768 5704132 5.5 6.2 Statement 9 Institutional Sectors – Key economic indicators at current prices Item 2011-12 2012-13 (` crore) 2013-14 1.1 1.2 1.3 1.4 Public non-financial corporations Gross Value Added at basic prices Gross Savings Gross Capital Formation Consumption of Fixed Capital 627456 122853 347393 131353 673807 124619 363076 144970 725889 120540 423410 159956 2.1 2.2 2.3 2.4 Private non-financial corporations Gross Value Added at basic prices Gross Savings Gross Capital Formation Consumption of Fixed Capital 2613832 754532 1136120 346443 2979097 854113 1313113 392580 3407205 1080092 1402500 439181 3.1 3.2 3.3 3.4 Public Financial corporations Gross Value Added at basic prices Gross Savings Gross Capital Formation Consumption of Fixed Capital 249805 163313 8428 3207 272612 172607 10385 3576 314398 170220 11976 3951 4.1 4.2 4.3 4.4 Private Financial corporations Gross Value Added at basic prices Gross Savings Gross Capital Formation Consumption of Fixed Capital 230427 99592 37735 4370 273828 141817 32925 5874 295066 151532 27234 7394 5.1 5.2 5.3 5.4 5.5 5.6 General Government Gross Value Added at basic prices Gross Disposable Income Final Consumption Expenditure Gross Savings Gross Capital Formation Consumption of Fixed Capital 794975 826242 987220 -160978 318574 99852 888044 965114 1093130 -128016 345965 107719 1019989 1165839 1277467 -111628 466662 116787 6.1 6.2 6.3 6.4 6.5 6.6 Households including NPISH Gross Value Added at basic prices Gross Disposable Income Final Consumption Expenditure Gross Savings Gross Capital Formation Consumption of Fixed Capital 3679050 7093557 5090822 2014613 1337552 323432 4164663 7963587 5875111 2016122 1284620 375326 4714592 8912864 6772066 2065179 1212302 421376 S.No. 1 2 3 4 5 6 Totals may not tally due to rounding off. Statement 10.1 Gross Value Added at factor cost by economic activity at current prices (` crore) S.No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Item 2011-12 2012-13 2013-14 Percentage Share Agriculture, forestry and fishing Mining and quarrying Manufacturing Electricity, gas, water supply & other utility services Construction Trade, repair, hotels and restaurants Transport, storage, communication & services related to broadcasting Financial services Real estate, ownership of dwelling & professional services Public administration and defence Other services TOTAL GVA at factor cost 1553960 1729966 259371 283095 1469005 1637302 1951820 297067 1788986 2011-12 2012-13 2013-14 18.9 18.7 18.6 3.2 3.1 2.8 17.9 17.7 17.1 202395 218944 245624 2.5 2.4 2.3 769842 874412 797274 1032018 864171 1237055 9.4 10.7 8.6 11.1 8.2 11.8 544944 630005 708264 6.6 6.8 6.8 479860 546294 609305 5.8 5.9 5.8 1029826 1228726 1429533 12.5 13.3 13.6 492405 554375 630500 530378 605141 724747 8206398 9263138 10487074 6.0 6.5 100.0 6.0 6.5 100.0 6.0 6.9 100.0 Statement 10.2 Gross Value Added at factor cost by economic activity at constant (2011-12) prices (` crore) S.No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. percentage change over previous year Item 2011-12 2012-13 2013-14 Agriculture, forestry and fishing Mining and quarrying Manufacturing Electricity, gas, water supply & other utility services Construction Trade, repair, hotels and restaurants Transport, storage, communication & services related to broadcasting Financial services Real estate, ownership of dwelling & professional services Public administration and defence Other services TOTAL GVA at factor cost 1553960 1580362 259371 260697 1469005 1558893 1640869 275093 1641285 202395 206975 213069 2.3 2.9 769842 874412 736239 960597 754847 1085870 -4.4 9.9 2.5 13.0 544944 589576 633997 8.2 7.5 479860 512177 544969 6.7 6.4 1029826 1132894 1231187 10.0 8.7 492405 507948 530378 563158 8206398 8609516 532596 624661 9178444 3.2 6.2 4.9 4.9 10.9 6.6 Totals may not tally due to rounding off. 2012-13 2013-14 1.7 3.8 0.5 5.5 6.1 5.3 NOTES ON THE STATEMENTS ACRONYMS USED IN THE PRESS RELEASE GDP: Gross Domestic Product GVA: Gross Value Added GNI: Gross National Income NDP: Net Domestic Product NNI: Net National Income GNDI: Gross National Disposable Income PFCE: Private Final Consumption Expenditure GFCE: Government Final Consumption Expenditure CFC: Consumption of Fixed Capital GFCF: Gross Fixed Capital Formation CIS: Changes in Stock CE: Compensation of Employees OS: Operating Surplus MI: Mixed Income ROW: Rest of the World FORMULAE 1. GVA at basic prices = CE + OS/MI + CFC + Production taxes less Production subsidies 2. GVA at factor cost (earlier referred to as GDP at factor cost) = GVA at basic prices – Production taxes less Production subsidies 3. GDP = ∑ GVA at basic prices + Product taxes - Product subsidies 4. NDP/NNI = GDP/GNI - CFC 5. GNI = GDP + Net primary income from ROW (Receipts less payments) 6. Primary Incomes = CE + Property and Entrepreneurial Income 7. NNDI =NNI + other current transfers from ROW, net (Receipts less payments) 8. GNDI = NNDI + CFC = GNI + other current transfers from ROW, net (Receipts less payments) 9. Gross Capital Formation= Gross Savings+ Net Capital Inflow from ROW 10. GCF = GFCF + CIS + Valuables + “Errors and Omissions” 11. Gross Disposable Income of Govt. = GFCE + Gross Saving of GG 12. Gross Disposable Income of Households = GNDI – GDI of Govt. – Gross Savings of All Corporations REMARKS ON THE FORMULAE: 1. Production taxes or subsidies are paid or received with relation to production and are independent of the volume of actual production. Some examples are: Production Taxes - Land Revenues, Stamps and Registration fees and Tax on profession Production Subsidies - Subsidies to Railways, Input subsidies to farmers, Subsidies to village and small industries, Administrative subsidies to corporations or cooperatives, etc. 3. Product taxes or subsidies are paid or received on per unit of product. Some examples are: Product Taxes: Excise Tax, Sales tax, Service Tax and Import and Export duties Product Subsidies: Food, Petroleum and fertilizer subsidies, Interest subsidies given to farmers, households etc through banks, Subsidies for providing insurance to households at lower rates 8. Other Current Transfers refers to current transfers other than the primary incomes 9. Estimate of GCF derived from this formula is taken as the “firmer” estimate and the difference between this estimate and the sum of GFCF, CIS and valuables is taken as “errors and omissions”, as referred in 10 above. Annex CHANGES IN THE NEW SERIES OF NATIONAL ACCOUNTS The changes introduced in this comprehensive revision have been guided by the recommendations of the international guidelines on the subject, System of National Accounts, 2008. Major changes that have been made in this series are outlined as under: Comprehensive coverage of Corporate Sector both in manufacturing and services by incorporation of annual accounts of companies as filed with the Ministry of Corporate Affairs (MCA) under their e-governance initiative, MCA21. Partnership firms covered under Limited Liability Partnership Act have also been covered. For the „manufacturing‟ enterprises, MCA21 database has been used to supplement the information available in the Annual Survey of Industries. Improved coverage of activities of local bodies – both rural and urban – and autonomous institutions, resulting in better coverage of government activities. Incorporation of the results of the recent NSS Surveys, viz., Unincorporated Enterprise Survey (2010-11) and Employment-Unemployment Survey (2011-12), alongwith the adoption of an “Effective Labour Input Method” for unincorporated manufacturing and services enterprises, giving due weights to different categories of workers, i.e., owners, hired workers and helpers, for compiling the estimates of these enterprises. Apart from the above-mentioned major changes, specific changes have also been made in the following industries/sectors: ‘Agriculture, forestry and fishing’ i. Segregation of crop and livestock production; ii. Adoption of Agriculture Census (2010-11) and Livestock Census (2012); iii. Revision of yield rates of meat & by-products of different livestock species based on study conducted by National Research Centre on Meat, Hyderabad. ‘Mining & manufacturing’ i. Estimation of value addition from extraction of sand through an indirect method, in accordance with its use in construction; ii. „Enterprise Approach‟ adopted for mining and manufacturing activity using MCA21 database to account for head offices, ancillary activities, etc. not covered under the „establishment approach‟. ‘Electricity, gas, water supply & other utility services’ i. Utility services, including sewage, waste management, recycling and remediation activities, brought under the group „electricity, gas and water supply‟; ‘Construction’ i. Study on the inputs in the Construction sector by Central Building Research Institute (CBRI), Roorkee ii. Incorporation of results of NSS All India Debt & Investment Survey, 2013 ‘Non-financial Services’ i. Use of Consumer Price Indices-Rural, Urban and Combined, instead of the CPI-AL/RL/IW being used earlier; ii. Use of Service Tax as an indicator for growth in the respective service (s) ‘Financial Services’ i. Comprehensive coverage of financial sector by inclusion of information from the accounts of stock brokers, stock exchanges, asset management companies, mutual funds and pension funds, as well as the regulatory bodies, SEBI, PFRDA and IRDA; In addition to the industry specific changes stated above, changes have been made in estimation of the expenditure side aggregates: i. In the asset-classification, a new category of investment, “intellectual property products” (IPPs) consists of research and development; mineral exploration; databases and software; other IPPs - IPPs are recognised in the business accounts as “Intellectual Capital”; ii. Comprehensive coverage of physical assets by inclusion of valuables purchased by households as savings under “household savings in physical assets”; iii. For the key aggregates, estimates have been provided by institutional sectors – Public/Private Financial and Non-financial Corporations, General Government and Households; iv. Updation of expenditure pattern of the households using NSS Consumer Expenditure Survey (2011-12); v. Updation of wastage ratios of crops and livestock products using a study conducted by Central Institute of Post-Harvest Engineering and Technology (CIPHET), Ludhiana on „Harvest and Post-harvest losses of major crops and livestock products in India‟ vi. Improvement in estimates of values and service lives of assets; and vii. Classification of indirect taxes and subsidies as production and product. Effect of improvement on major aggregates The improvements in methodology for estimation and the new and revised source data incorporated as part of this comprehensive revision have notable effects on the national accounts statistics without changing broad economic trends. The level of revisions in the major aggregates is given below in Table 1. Table 1 Changes at the aggregate level (Amount in Rs. lakh crore) S.No. Item 2011-12 2012-13 2013-14 2011-12 2004-05 % 2011-12 2004-05 % Series Series change Series Series change 2011-12 2004-05 % Series Series change 1 GVA at factor cost 82.1 83.9 -2.2 92.6 93.9 -1.3 104.9 104.7 0.2 2 GVA at basic prices 82.0 85.4 -4.0 92.5 95.6 -3.2 104.8 - 3 GDP 88.3 90.1 -2.0 99.9 101.1 -1.2 113.5 113.6 -0.1 4 GNI 87.6 89.3 -2.0 98.7 100.0 -1.2 112.1 112.3 -0.2 5 NNI 78.5 80.5 -2.6 88.4 89.8 -1.5 100.6 100.5 0.0 (Amount in Rs. lakh crore) S.No. Item 2011-12 2012-13 2013-14 2011-12 2004-05 % 2011-12 2004-05 % Series Series change Series Series change 2011-12 2004-05 % Series Series change 6 GNDI 90.6 92.4 -1.9 102.2 103.5 -1.2 116.0 116.1 0.0 7 Gross Savings 29.9 28.2 6.0 31.8 30.4 4.5 34.8 - 8 PFCE 50.9 51.4 -1.0 58.8 57.7 1.8 67.7 64.9 4.4 8 GFCE 9.9 10.3 -3.8 10.9 11.9 -8.1 12.8 13.4 -4.8 10 GCF 33.7 32.0 5.3 36.6 35.2 3.9 36.6 - 10.1 Of which GFCF 29.7 28.6 3.9 31.4 30.7 2.1 33.7 32.1 4.9 11 Exports 21.4 21.5 -0.3 24.4 24.3 0.5 28.5 28.2 1.3 12 Imports 27.2 27.2 -0.2 31.1 31.1 0.0 31.9 32.3 -1.1 Industry-wise Growth rates At the industry level, changes have affected the year-on-year growth rates in the case of mining and manufacturing due to the adoption of MCA21 database, and in the case of non-financial services due to the use of sales/service tax as an indicator for nominal growth. Table 2 Changes in growth at current and constant prices Growth at current prices 2012-13 2013-14 S.No. Industry 1. 2. 3. 4. 5. 6. 7. 8. 9. Agriculture, forestry and fishing Mining and quarrying Manufacturing Electricity, gas, water supply & other utility services Construction Trade, repair, hotels and restaurants Transport, storage, communication & services related to broadcasting Financial, real estate & business services Community, social & personal services TOTAL GVA Growth at constant prices 2012-13 2013-14 2004-05 2011-12 2004-05 2011-12 2004-05 2011-12 2004-05 2011-12 Series Series Series Series Series Series Series Series 9.7 -0.1 6.9 10.8 8.4 11.6 15.9 0.1 2.2 12.7 4.8 9.3 1.4 -2.2 1.1 1.2 -0.2 6.2 4.7 -1.4 -0.7 3.7 5.4 5.3 15.8 10.0 29.2 14.2 2.3 4.0 5.9 4.8 10.2 10.9 3.6 18.5 7.7 7.0 8.3 20.2 1.1 4.5 -4.3 10.3 1.6 1.0 2.5 13.3 15.3 15.9 10.2 12.1 6.0 8.4 6.1 7.3 17.1 17.4 19.9 14.8 10.9 8.8 12.9 7.9 16.2 11.9 17.4 12.9 13.5 11.5 14.8 13.2 5.3 4.5 8.8 4.9 5.6 4.7 7.9 6.6 Note: Estimates for the earlier series (2004-05 series) have been derived from GVA at factor cost, while estimates for the 2011-12 series have been derived from GVA at basic prices. Share of industries in aggregate GVA Marked changes have also been observed in the shares of two major industries, namely, „manufacturing‟ and „trade‟. In the case of manufacturing, with the availability of the MCA21 database, coverage of the activities other than manufacturing in the companies has improved significantly. Estimates of „trade and repair services‟ has become lower than in the old series because of two reasons(i) (ii) Trade carried out by manufacturing companies, which has now become part of „manufacturing‟, was earlier covered in „trade‟ because of establishment approach; In 2004-05, no recent survey of unorganised trade enterprises was available for incorporation and hence the estimates were based on the survey conducted in 19992000. This has now been updated with the survey on „Unincorporated Enterprises‟ conducted by NSS in 2010-11. Share of the other sectors have also undergone change due to adoption of the latest data sources. Comparative industry group-wise shares in 2004-05 series and 2011-12 can be seen in Table 3 below. Table 3 Shares in GVA at current prices 2011-12 S. Industry No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 2012-13 2013-14 2004-05 2011-12 2004-05 2011-12 2004-05 2011-12 Series Series Series Series Series Series Agriculture, forestry and fishing Mining and quarrying Manufacturing Electricity, gas, water supply & other utility services Construction 17.9 2.7 14.7 18.4 3.2 18.1 17.5 2.4 14.1 18.0 3.1 17.9 18.2 2.1 12.9 18.0 2.8 17.3 1.6 2.4 1.7 2.3 1.9 2.3 8.2 9.4 8.1 8.7 7.8 8.3 Trade, repair, hotels and restaurants 17.4 10.8 17.2 11.3 16.5 12.0 7.3 6.5 7.5 6.6 7.5 6.6 16.5 13.8 100.0 18.8 12.5 100.0 17.2 14.3 100.0 19.5 12.5 100.0 18.5 14.5 100.0 19.8 12.9 100.0 Transport, storage, communication & services related to broadcasting Financial, real estate & business services Community, social & personal services TOTAL GVA Note: Estimates for the earlier series (2004-05 series) have been derived from GVA at factor cost, while estimates for the 2011-12 series have been derived from GVA at basic prices. ********************************
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