31 January 2016

The Prime Minister's Office (PMO) has asked NITI Aayog to prepare a report on stalled hydroelectric

The Prime Minister's Office (PMO) has asked to prepare a report on stalled hydroelectric power projects which have held up large-scale investment as the government aims to provide 24x7 electricity across the country.

"Recently, the PMO asked NITI Aayog to prepare a report on the country's hydro projects which are stalled and investments which has been held up due these projects," a source said.

The source added that the government think-tank has also been asked to include the reasons for the projects are getting delayed in its report.

NITI Aayog has been asked to prepare the report within three months, the source said.

The proposed hydro capacity addition during the 12th Plan period is 10,897 Mw. However, up to December 2015, the actual capacity addition is only 3,651.02 Mw which is 33.5 per cent of the proposed capacity addition, according to data by Central Electricity Authority (CEA).

Of the country's total installed capacity of 2,84,303.39 Mw as on December 31, 2015, large hydro capacity is 42,623.42 Mw and small hydro capacity is 4,147 Mw, CEA data said.

are generally categorised in two segments -- small and large hydro.

Hydro projects of up to 25 Mw capacities have been categorised as small hydro power projects.

Power Ministry is responsible for large hydro projects, while the mandate for the subject small hydro power is given to Ministry of New and Renewable Energy.

India has set a target of 175 GW of renewable energy capacity by 2022, which includes 5 GW of small hydro power.

According to PWC's Kameswara Rao, hydro power continues to have strong long-term economic benefits for energy prices, especially as the India market matures to offer ancillary services, besides mainstream power sales.

Unfortunately, he said, development in the Himalayan belt slowed down after 2012 floods as the states put new permits on hold. Further, regulatory approvals for project cost has also taken time, which is understandable given challenges in assessing cost overruns.

"The most promising new growth is from the North East, and the transmission corridor through Bangladesh will help bring private investment to the North East hydro sector, and transmission costs will be lower for buyers. The speed of these developments will depend on how Bangladesh and India collaboration on regional network," he added.
The Parliamentary Standing Committee on Energy had earlier

said that policy measures have failed to revive the hydro sector and had asked the government to come up with a framework to rejuvenate it, besides ensuring transparency and level playing field for all stakeholders.

Policy measures including Hydro Policy, 2008 have failed to invigorate the hydro sector and the government has not been able to give any firm timeline for completion of projects, the panel had said in a report last month.

It further said nine projects of Ltd, totalling 4,172 Mw, have slipped from the 11th Plan period.

Of this slipped capacity, 3,172 Mw is programmed for the 12th Plan and the remaining 1,000 Mw has further been advanced to the 13th Plan, it added.

29 January 2016

Ensuring privacy in a digital age

Ensuring privacy in a digital age

Citizens are unaware of how their personally identifiable information is collected, stored, used and shared 

On 28 January 1981, the European Council signed the Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data, popularly known as Convention 108. It is the first legally binding international treaty dealing with privacy and data protection. The day has since been celebrated as Data Protection Day in Europe and as International Data Privacy Day around the world. In today’s era of digitization, it is imperative that we understand the concept—and importance—of data privacy.
According to an Internet and Mobile Association of India report, India has around 400 million Internet users. This number took a decade to reach 100 million from 10 million, three years to reach 200 million and just another year to reach 300 million. The Internet is essentially a data ecosystem where every node is engaged in generation, transmission, consumption and storage of data. The scale of this data ecosystem can be gauged from the fact that by 2019, the gigabyte equivalent of all movies ever made will cross India’s Internet protocol networks every hour.
But the situation is such that while we are generating such high volumes of data—most of which is of the “identifier” type that is used to identify a person, a thing or an entity in the ecosystem—we do not have in place measures that safeguard the privacy of this data, nor regulate data retention by platforms collecting it. As a result, ordinary citizens are unaware of how their personally identifiable information is collected, stored, used and shared. Further, as governance-driven digitization (Aadhaar, digital lockers, direct account transfers) fuels large-scale sensitive data collection and storage, the Information Technology Act, with its limited scope to penalize government agencies for breach of data privacy, is the only legal instrument available to citizens against contravention of their privacy in the data ecosystem. This leaves citizens exposed—as in 2013, when the Maharashtra government simply lost the personal data of 300,000 Aadhaar card applicants.
The need of the hour is a comprehensive legislation that provides for a right to privacy as a fundamental entitlement to citizens. The groundwork for such legislation has already been laid in 2012 by a Justice A.P. Shah-headed group of experts constituted by the Planning Commission. The commission had proposed a set of national privacy principles that would place an obligation on data controllers to put in place safeguards and procedures that would enable and ensure protection of privacy rights. These include: notice (to be given to users while collecting data); choice and consent (of users while collecting data from them); collection limitation (to keep user data collected at the minimum necessary); purpose limitation (to keep the purpose as adequately defined and narrow as possible); access and correction (for end users to correct or delete their personal data as may be necessary); disclosure of information (private data should not be disclosed without explicit consent of end user); security (defining responsibility to ensure technical, administrative and physical safeguards for data collected); openness (informing end users of possible collection and utilization of personal data); accountability (institutionalize accountability for adherence to these principles).
The proposed framework aims at being technology neutral and compliant with international standards already in place to protect user privacy. It also recognizes the multiple dimensions of privacy and aims at establishing a national ethos for privacy protection, while remaining flexible to address emerging concerns. It seeks horizontal applicability with both the public and private sectors bought under the purview of privacy legislation. An attempt to introduce such legislation in Parliament failed in 2011 as there could not be a consensus on which government agencies could seek exclusion from such provisions and collect citizen data without any oversight.
Until such provisions are established by law, it will be necessary to adopt mechanisms that ensure compliance towards use of privacy enhancing technologies (PET). PETs are essentially processes and tools that allow end users to safeguard the privacy of their personally identifiable information that they willingly provide to government agencies and other service providers. PETs put the end user in control over what information to share, with whom to share and a clear knowledge of the recipients of this information. The use of data encryption and mandating multi-factor authentication for access to end user data can be examples of other PETs that can be implemented by service providers and government agencies alike.
Our government needs to start with aligning our technology laws with the evolving Internet landscape. User privacy concerns and secure designing should be integrated in the charters of respective standard-setting organizations. There needs to be active user education that makes them aware of their choices. Lengthy and complex privacy policies that practically hand over control of user data to the platforms collecting it need to be replaced with ones that are user friendly in draft and execution. Policy documents that address these concerns need to be widely discussed and debated in the public domain. Recently, the Indian government released its draft Internet of Things Policy and it devotes only one line to the need to have security and privacy standards. The policy document on Smart Cities is indifferent to these concerns as well.
Last year, the Supreme Court referred to a constitutional bench the petition seeking inclusion of the Right to Privacy under Article 21 (Right to Life). While the verdict of the honourable court is still awaited, we can take the first steps towards safeguarding ourselves by voluntarily inculcating digital privacy principles.

Government announces first batch of 20 smart cities from 11 States and Delhi

Government announces first batch of 20 smart cities from 11 States and Delhi

Bhubaneswar tops the list; Bhopal at 20

23 States/UTs left out to participate in fast track competition

Selection through competition totally objective and transparent, says Shri M.Venkaiah Naidu

20 cities propose an investment of Rs.50,802 cr over five years ; All cities to resort to PPP

26,735 acres area in 20 cities identified for making them smart

            The Government today announced the 20 winners of the Smart City Challenge competition for financing during this financial year. Announcing the cities here today, Minister of Urban Development Shri M.Venkaiah Naidu said that the winners were from 11 States and the Union Territory of Delhi and the selection was totally objective and transparent based on standardized processes.
            Shri Naidu further said that Smart City Mission marks a paradigm shift towards urban development in the country since it is based on ‘bottom up’ approach with the involvement of citizens in formulation of city vision and smart city plans and the Urban Local Bodies and State Governments piloting the mission with little say for the Ministry of Urban Development. He also observed that it was for the first time in the country and even in the world that investments in urban sector are being made based on competition based selection of cities.
            Informing that 1.52 crore citizens participated in shaping smart city plans of 97 cities and towns in the first round of competition, Shri Naidu said that this enthusiastic participation of people is a major positive outcome.
            3 cities from Madhya Pradesh, two each from Andhra Pradesh, Karnataka, Tamil Nadu, Gujarat, Maharashtra and Rajasthan and one each from the remaining five made it to the winning list.
            The Minister informed that 23 States and UTs who could not make to the list of winners will be given an opportunity to participate in a ‘fast track competition’. Each top ranking city form these left out states can upgrade their smart city proposals and submit them by April 15, this year for inclusion in the mission.
            Shri Naidu informed that the 20 winning cities and towns have proposed a total investment of Rs.50,802 cr over five years with all the cities proposing Public-Private-Partnership as a major vehicle of resource mobilization. 10 of the 20 cities have proposed to mobilise Rs.8,521 cr under PPP model while others have also indicated this option. A total area of 26,735 acres has been identified by these cities for making them smart through necessary interventions.
            Elaborating on the advantages of Smart City Mission, Shri Venkaiah Naidu said that this leads to integrated urban planning by addressing the issue of infrastructure, land use planning, transport, urban design and architecture in a holistic manner unlike in the past. Stating that building a smart city is not a destination but a series of small steps in that direction, Shri Naidu said that the country has taken one such step today.
            The Minister said that urban local bodies are taking a quantum jump to improve their capabilities and have resorted to SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of each city for coming out with city vision.
            The 20 smart cities announced by Shri Venkaiah Naidu were :
Madhya Pradesh
Andhra Pradesh
New Delhi Municipal Council
Tamil Nadu
Andhra Pradesh
Tamil Nadu

            Of these 20 cities accounting for a total population of 3.54 crore, 5 have  population below 5 lakhs each, 4 in the range of 5-10 lakhs, 6 in between 10-25 lakhs, 4 between 25 and 50 lakhs and only Ahmedabad has above 50 lakhs.

Dr. Harsh Vardhan Dedicates a Low Cost Motorized Wheelchair to the Nation

Union Minister for Science & Technology and Earth Sciences Dr. Harsh Vardhan Dedicates a Low Cost Motorized Wheelchair to the Nation

The Union Minister for Science and Technology and Earth Sciences, Dr. Harsh Vardhan dedicated a low cost motorized wheelchair called Locomo-WC to the Indian persons with disabilities. Speaking on the occasion he said all such technical advancement should be made accessible the needy poor also.  The Minister said that our Scientists have now developed capacity to be able to reach various advance technologies as required by the people.
The Wheel Chair was developed by the Ministry of Science & Technology under the Department of Biotechnology, (DBT)’s “Make-in-India initiative”.  

Secretary, Department of Biotechnology, Dr. VijayRaghavan, Dr. Rajesh Kapur, Advisor DBT and Padma Bhushan Major (Retd) HPS Ahluwalia, the Chairman of the Indian Spinal Injuries Centre, (ISIC) New Delhi were present at the event.
The motorized wheelchair originally designed at the Human Engineering Research Lab, University of Pittsburg under the joint international collaborative program of DBT and USA government has been completely remodeled to suit Indian conditions.   The Medical Director & Chief of Spine Service Dr. H S Chhabra and Mr. Nekram Upadhaya at ISIC had further worked on the Wheel Chair to remodel it to face the dual challenges of uneven terrain in rural India and prohibitive costs which limits the accessibility of the wheelchairs available in the market.
Estimated cost of LOCOMO would be around Rs 45,000 as compared to the imported motorized wheelchair which could cost Rs 1.5 lakhs. The cost again is expected to come down with mass production and tax exemptions. 
The uniqueness of LOCOMO lies in its suspension system with linear links used to make all four wheels operate independently to make it suitable to handle uneven terrain also.
LOCOMO could withstand rugged conditions and at the same time is also comfortable easy to manipulate and is available at an affordable cost. It is also light weight, simple to handle, easy to fold and reassemble.
LOCOMO will also make people with disability as independent as possible, leading to improved quality of life, social relationships and physical health.

30,000 Megawatt more capacity of Thermal Power has been added during 20 months

30,000 Megawatt more capacity of Thermal Power has been added during 20 months of NDA Government: Shri Piyush Goyal
Shri Piyush Goyal, Union Minister of State (IC) for power, Coal, New & Renewable Energy has said, 30,000 Megawatt more capacity of Thermal Power has been added during last 20 months of Present Government. Addressing an interactive session organized by Indian Chamber of Commerce in Kolkata today, Shri Goyal Said, Power being the most important ingredient of infrastructure for nation’s development, the government is laying utmost emphasis on this sector. The Minister informed that his ministry has achieved 60% working capacity of power plants and has a target of 90% working capacity which will be achieved in near future. Asserting that India’s Coal production has increased substantially by 9.6% which has resulted in remarkable reduction in our coal imports, the Minister said, his ministry is now emphasizing on creating more marketing facilities for coal.

Shri Goyal said, more than 5 crore 36 lakh LED bulbs have been given out at government subsidized rates due to which the rate per bulb has come down from Rs.310 to Rs.64 and within a short time it will come down further to make it affordable for common man. He added that this has resulted in 1600 MW reduction in power consumption and said that by this year March, 10 crore of LED bulbs will be given out. This will result in a huge reduction in power consumption and drastic cut in pollution.

Regarding transmission, the Minister said, during the present government 22,000 circuit Kms of transmission line has been drawn which is a record. During last 18 months, 71% of additional transmission capacity has been created and by 2019 it will reach 200%.

Saying that in power sector, an well-coordinated and harmonized approach is need of the hour to integrate thermal -- both Coal & Gas – , hydel, solar, wind and other renewable power sources – which are eco-friendly – as well as nuclear, Shri Goyal assured that the govt. is relentlessly working in this direction. The minister said that his dream, and effort is to provide uninterrupted 24 x 7 power at affordable cost.

First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2014-15

First Revised Estimates of National Income,
Consumption Expenditure, Saving and Capital Formation, 2014-15


This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm today i.e. 29th January,  2016.

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2014-15 (with Base Year 2011-12) as per the revised policy. Second Revised Estimates of the years 2011-12 to 2013-14 (with Base Year 2011-12) have also been released as per the calendar of revision of base year.
2.         The First Revised Estimates for the year 2014-15 have been compiled using industry-wise/institution-wise detailed information instead of the benchmark-indicator method used at the time of release of Provisional Estimates on 29th May, 2015. The estimates of GDP and other aggregates for the years 2011-12 to 2013-14 have also undergone revision due to use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries (ASI): 2013-14, final results of ASI: 2012-13 and revised results of ASI: 2011-12; government expenditure (replacing Revised Estimates with Actuals for the year 2013-14) and also more comprehensive data available from various source agencies and State Directorates of Economics and Statistics.
3.         The salient features of the estimates at aggregate level are indicated below:
Gross Domestic Product

4.         Nominal GDP or GDP at current prices for the year 2014-15 is estimated as Rs. 124.88 lakh crore while that for the year 2013-14 is estimated as Rs. 112.73 lakh crore, exhibiting a growth of 10.8 per cent during 2014-15 as against 13.3 per cent during 2013-14.

5.         Real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at Rs.105.52 lakh crore and Rs. 98.39 lakh crore, respectively, showing growth of 7.2 per cent during 2014-15, and 6.6 per cent during 2013-14.

Industry-wise Analysis

6.         The changes in the Gross Value Added (GVA) at basic prices in different sectors of the economy at current and constant (2011-12) prices are presented in Statements 4.1 and 4.2 respectively. At the aggregate level, nominal GVA at basic prices increased by 10.5 per cent during 2014-15, as against 12.7 per cent during 2013-14. In terms of real GVA, i.e., GVA at constant (2011-12) basic prices, there has been a growth of 7.1 per cent in 2014-15, as against growth of 6.3 per cent in 2013-14.

7.         The shares of different sectors of economy in the overall GVA during 2011-12 to 2014-15 and corresponding annual growth rates are mentioned below:

Percentage share in GVA at current prices
Percentage change in GVA at constant (2011-12) prices over the previous year

Aggregate GVA (Rs. in lakh crore)

at current prices
at constant prices

8.         The growth in real GVA at during 2014-15 has been higher than that in 2013-14 mainly due to higher growth in ‘mining and quarrying’ (10.8%), ‘electricity, gas, water supply & other utility services’ (8.0%), ‘trade, repair, hotels & restaurants’ (10.7 %), ‘financial services’ (7.9%), ‘public administration and defence’ (9.8%), and ‘other services’ (11.4%), as may be seen from Statement 4.2. At constant prices, in the primary sector (comprising agriculture, forestry, fishing and mining & quarrying), ‘agriculture, forestry & fishing’ has shown a decline of 0.2 per cent while ‘mining and quarrying’ increased by 10.8 per cent during 2014-15 as against the growth of 4.2 and 3.0 per cent, respectively during the year 2013-14. The growth of secondary sector (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) is 5.4 per cent and that of tertiary (services) sector is 10.3 per cent during 2014-15, as against a growth of 5.3 per cent and 7.8 per cent, respectively, in the previous year.

Net National Income
9.         Nominal Net National Income (NNI) at current prices for the year 2014-15 stands at Rs. 110.08 lakh crore as against Rs. 99.34 lakh crore in 2013-14, showing an increase of 10.8 per cent during 2014-15 as against an increase of 13.2 per cent in the previous year.

Gross National Disposable Income
10.       Gross National Disposable Income (GNDI) at current prices is estimated as Rs. 127.46 lakh crore for the year 2014-15, while the estimate for the year 2013-14 stands at Rs. 115.29 lakh crore, showing a growth of 10.6 per cent as against 13.2 per cent in the year 2013-14.

11.       Gross Saving during 2014-15 is estimated as Rs. 41.17 lakh crore as against Rs. 37.25 lakh crore during 2013-14. Rate of Gross Saving to GNDI for the year 2014-15 is estimated as 32.3 per cent, the same as in 2013-14.

12.       The highest contributor to the Gross Saving is the household sector, with a share of 57.8 per cent in the year 2014-15. However, the share has declined from 63.4 per cent in 2013-14 to 57.8 in 2014-15. This decline can be attributed to the decline in household savings in physical assets, which has declined from Rs. 14.61 lakh crore in 2013-14 to Rs. 13.79 lakh crore in 2014-15. On the other hand, the share of Non-Financial Corporations has increased from 32.7 per cent in 2013-14 to 37.2 per cent in 2014-15. The share of Financial Corporations increased marginally from 7.9 per cent in 2013-14 to 8.2 per cent in 2014-15, while the dis-saving of General Government has decreased from 4.0 per cent in 2013-14 to 3.2 per cent in 2014-15.

Capital Formation
13.       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 approach.

14.       Gross Capital Formation (GCF) at current prices is estimated as Rs.42.76 lakh crore for the year 2014-15 as compared to Rs. 39.12 lakh crore during 2013-14. The rate of GCF to GDP declined from 34.7 per cent during 2013-14 to 34.2 per cent in the year 2014-15. The rate of GCF excluding valuables to GDP stands at 33.3 per cent and 32.7 per cent for the years 2013-14 and 2014-15 respectively. The rate of capital formation in the years 2011-12 to 2014-15 has been higher than the rate of saving because of net capital inflow from Rest of the World (ROW).

15.       In terms of the share to the total GCF (at current prices), the highest contributor is Non-Financial Corporations, with the share rising steadily from 45.7 per cent in 2011-12 to 52.0 per cent in 2014-15 (Statement 9). Share of household sector in GCF is also significant, but has declined from 43.4 per cent in 2011-12 to 33.9 per cent in 2014-15. The share of General Government in GCF has increased from 9.6 per cent in 2011-12 to 12.9 per cent in 2014-15.

16.       Within the Gross Capital Formation at current prices, the Gross Fixed Capital Formation (GFCF) amounted to Rs. 38.44 lakh crore in 2014-15 as against Rs. 35.64 lakh crore in 2013-14.  The rate of GFCF to GDP at current prices was 30.8 per cent in 2014-15 as compared to 31.6 per cent in 2013-14. The change in stocks of inventories, at current prices, increased from Rs. 1.80 lakh crore in 2013-14 to Rs. 2.21 lakh crore in 2014-15, while the valuables increased from Rs. 1.63 lakh crore in 2013-14 to Rs. 1.93 lakh crore in 2014-15.

17.       The rate of Gross Capital Formation to GDP at constant (2011-12) prices has decreased marginally from 36.2 per cent in 2013-14 to 35.9 per cent in 2014-15.

Consumption Expenditure
18.       Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs. 71.93 lakh crore for the year 2014-15 as against Rs. 65.08 lakh crore in 2013-14. In relation to GDP, the rates of PFCE at current prices during 2013-14 and 2014-15 are estimated at 57.7 per cent and 57.6 per cent respectively.

19.       At constant (2011-12) prices, the PFCE is estimated as Rs. 55.20 lakh crore and Rs. 58.64 lakh crore, respectively for the years 2013-14 and 2014-15 respectively. The corresponding rates of PFCE to GDP for the years 2013-14 and 2014-15 are 56.1 per cent and 55.6 per cent respectively.

20.       Government Final Consumption Expenditure (GFCE) at current prices is estimated as Rs. 13.65 lakh crore for the year 2014-15 as against Rs.11.53 lakh crore during 2013-14. At constant (2011-12) prices, the estimates of GFCE for the years 2013-14 and 2014-15 stand at Rs.9.77 lakh crore and Rs.11.03 lakh crore respectively.

Estimates at per capita level
21.       Per Capita Income, i.e., Per Capita Net National Income at current prices, is estimated as Rs.79,412 and Rs. 86,879 respectively for the years 2013-14 and 2014-15.  Correspondingly, Per Capita PFCE at current prices, for the years 2013-14 and 2014-15 is estimated at Rs. 52,022 and Rs.56,772 respectively.

22.       More details of these estimates are available in Statements 1-9 appended with this Press Note.

Summary of Revision in the GDP Estimates
23.       The use of latest available data from various agencies and company-wise revalidation of the industry-wise and institution-wise (public/private) classification of companies in the MCA21 database have resulted in some changes in both the levels of GVA and growth estimates for all the years. The reasons for revision in the estimates of the years 2011-12 to 2013-14, released on 30.01.2015 and the Second Revised Estimates are mentioned in the Annexure.

Revision in the estimates of 2014-15:
24.       The following statement gives the major reasons for variation between the Provisional Estimates (released in May 2015) and the First Revised Estimates of GVA for 2014-15.

GVA growth in 2014-15
Major reasons for  variation
Prov. Estimate, May 2015
First Revised Estimate,
Jan 2016
Revision in estimates of production of some crops, livestock products, fish and forestry products; and use of annual financial reports of public & private sector companies, in place of IIP in the case of ‘mining & quarrying’.
Actual analysis of financial reports of a larger sample of public & private sector companies instead of key financial indicators derived from advance filings of a small sample of Companies used earlier.
Use of Revised Estimates of sales tax and other items in central & state government budget documents instead of Budget Estimates; and replacement of key financial indicators derived from advance filings of a small sample of Companies with actual analysis of financial reports of a larger sample of public & private sector companies.

Upcoming Releases
25.       The upcoming releases on GDP are indicated below:
        i.            Advance Estimates for the year 2015-16, along with quarterly estimates for Q1, Q2 and Q3 of 2015-16 on February 8, 2016; and
      ii.            Provisional Estimates for the year 2015-16, along with estimates for all the four quarters of the year on May 31, 2016.


1.     List of Statements
1.      Statement 1.1: Key aggregates of national accounts at current prices
2.      Statement 1.2: Key aggregates of national accounts at constant (2011-12) prices
3.      Statement 2: Per Capita Income, Product and Final Consumption
4.      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 (2011-12) 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
Annexure: Reasons for revision in the estimates of the years 2011-12 to 2013-14

CE:      Compensation of Employees
CFC:    Consumption of Fixed Capital
CIS:     Changes in Stock
GCF:    Gross Capital Formation
GDI:    Gross Disposable Income
GDP:    Gross Domestic Product
GFCE:  Government Final Consumption Expenditure
GFCF: Gross Fixed Capital Formation
GNDI: Gross National Disposable Income
GNI:    Gross National Income
GVA:   Gross Value Added
MI:       Mixed Income
NDP:    Net Domestic Product
NNDI:Net National Disposable Income
NNI:    Net National Income
OS:      Operating Surplus
PFCE: Private Final Consumption Expenditure
ROW: Rest of the World

1.      GVA at basic prices = CE + OS/MI + CFC + Production taxes less Production subsidies
2.      GDP = ∑ GVA at basic prices + Product taxes - Product subsidies
3.      NDP/NNI = GDP/GNI - CFC
4.      GNI = GDP + Net primary income from ROW (Receipts less payments)
5.      Primary Incomes = CE + Property and Entrepreneurial Income
6.      NNDI =NNI + other current transfers from ROW, net (Receipts less payments)
7.      GNDI = NNDI + CFC = GNI + other current transfers from ROW, net (Receipts less payments)
8.      Gross Capital Formation= Gross Savings+ Net Capital Inflow from ROW
9.      GCF = GFCF + CIS + Valuables + “Errors and Omissions”
10.  Gross Disposable Income of Govt. = GFCE + Gross Saving of General Government
11.  Gross Disposable Income (GDI) of Households = GNDI – GDI of Govt. – Gross Savings of All Corporations

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, Subsidies to village and small industries
2.   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
7.   Other Current Transfers refers to current transfers other than the primary incomes
8.   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 9 above.


Revision in major aggregates

The level of revisions in the major aggregates at current prices is given in the following table:
Changes at the aggregate level

(Amount in Rs. lakh crore)
(at current prices)
%  change
%  change
%  change
GVA at basic prices

The reasons for revision in GVA/GDP are as under:

Base Year 2011-12
·         Revision in the results of Annual Survey of Industries (ASI), 2011-12
·         Use of separate scaling factors for ‘Public Limited Companies’ and ‘Private Limited Companies’ in the MCA21 database, instead of a common scaling factor used earlier. (This method applies to the subsequent years as well)

Year 2012-13
·         Use of final results of ASI, 2012-13 in place of provisional results
·         Use of updated information on local bodies and autonomous institutions

Year 2013-14
·         Use of updated information on production & prices of agricultural commodities
·         Use of provisional results of ASI, 2013-14
·         Replacement of ‘Revised Estimates’ of different items of expenditure and receipts in the central & state government budgets by ‘Actuals’
·         Use of updated information on local bodies & autonomous institutions
·         Use of updated MCA21 database received from the Ministry of Company Affairs

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