Indian economy's growth estimated at 7.1 percent in 2016-17: Government

New Delhi: The Indian economy is expected to grow at 7.1 per cent this fiscal, according to an official advance estimate for the year released on Friday, but without taking into consideration the impact of demonetisation. The actual expansion in the first six months of 2016-17 stood at 7.1 per cent. According to the estimate of national income for 2016-17 released by the Central Statistics Office (CSO), the country' gross domestic product will grow at 7.1 per cent in 2016-17 compared to 7.6 per cent in 2015-16. "The growth in deposits is an outlier, hence November data was not used for the financials,"India's Chief Statistician T.C.A. Anant said, releasing the advance estimate on national income. The CSO has primarily used seven-month data to extrapolate for the full fiscal. The anticipated growth of real GVA (gross value added, which excludes taxes and subsidies) in 2016-17 is 7 per cent against 7.2 per cent in 2015-16, said an official statement. The GVA at basic prices for 2016-17 for manufacturing sector is estimated to grow by 7.4 per cent as compared to growth of 9.3 per cent in 2015-16. The agriculture, forestry and fishing sector is likely to show a growth of 4.1 per cent in its GVA during 2016-17, as against the previous year's growth rate of 1.2 per cent. The estimated growth in GVA for financial, insurance, real estate and professional services sector during 2016-17 is placed at 9.0 per cent as compared to growth of 10.3 per cent in 2015-16.