Tuesday, May 30, 2017
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New WPI, IIP series to spur growth: Experts

World Bank pegs growth at 7.2% in current fiscal30 May 2017 | 12:29 AM

NEW DELHI:Experts say the fourth quarter GDP numbers to be released tomorrow will surprise on the positive side due to the impact of the new IIP and WPI series.

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Tribune News Service

New Delhi, May 29

Experts say the fourth quarter GDP numbers to be released tomorrow will surprise on the positive side due to the impact of the new IIP and WPI series.

In a report, Soumya Kanti Ghosh, Chief Economic Adviser, Economic Research Department, SBI, said the good thing is that new IIP and WPI series will impact all GDP numbers from financial year 2014.

The report expects FY14 GDP growth to be revised from 6.5% to 7.3% while FY16 GDP is expected to be revised from 7.9% to 8.3% because of the new IIP and GDP series. FY17 GDP growth is expected to be revised from 7.1% to 7.6%.

“We also expect 7.2% GDP growth for Q4 FY17 and also upward revision in all the preceding three quarters”, the report said.

ICRA said the GDP and the GVA levels and growth rates from FY2013 onwards may undergo a material revision, taking into account the new series of the Wholesale Price Index (WPI) and Index of Industrial Production (IIP).

ICRA expects Indian GDP and gross value added (GVA) at basic prices to expand by 7.1% and 6.9%, respectively, in year-on-year (YoY) terms in Q4 FY2017.

Meanwhile, World Bank today forecast that India, the fastest growing major economy in the world, would grow at 7.2% in the current fiscal and further up to 7.7% by 2019-20 on strong fundamentals, reform momentum and improving investment scenario.

“Economic activity ought to accelerate in 2017-18. GDP is projected to grow at 7.2% from 6.8% in 2016-17. Growth will increase gradually to 7.7% by 2019-20, underpinned by recovery in private investments,” World Bank said at the launch of ‘India Development Report’.


Q4 GDP numbers today 

  • According to a SBI Research report, new IIP and WPI series will impact all GDP numbers from financial year 2014 and will bring positive surprise
  • It expects FY14 GDP growth to be revised from 6.5% to 7.3% while FY16 GDP is expected to be revised from 7.9% to 8.3%
  • FY17 GDP growth is expected to be revised from 7.1% to 7.6%
  • The report also expects 7.2% GDP growth for Q4 FY17 and upward revision in all preceding three quarters

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