India's per capita income, a gauge for measuring living standard, is likely to witness a slower growth of 8.3 per cent at Rs 1,11,782 in FY 2017-18.In 2016-17, per capita income of Indians had grown by 9.7 per cent to Rs 1,03,219.
"The per capita net national income during 2017-18 is estimated to be Rs 1,11,782 showing a rise of 8.3 per cent as compared to Rs 1,03,219 during 2016-17 with the growth rate of 9.7 per cent," said First Advance Estimates of National Income, 2017-18' released by the Central Statistics Office (CSO).
The per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a level of Rs 86,660 as compared to Rs 82,269 for the year 2016-17, it said.The growth rate in per capita income (real terms) is estimated at 5.3 per cent during 2017-18, as against 5.7 per cent in the previous year, it added.
The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.The Gross Domestic Product (GDP) was 7.1 per cent in 2016-17 and 8 per cent in the preceding year. It was 7.5 per cent in 2014-15.
The growth of real Gross Value Added (GVA) in 2017-18 is anticipated at 6.1 per cent as against 6.6 per cent in the previous year.Economic activities were affected by demonetisation announced on November 8, 2016 and subsequent implementation of a new indirect tax regime (GST) from July 1 in the current financial year.
Financial, insurance, real estate and professional services
The estimated growth in GVA for this sector during 2017-18 is placed at 7.3 percent as compared to growth of 5.7 percent in 2016-17. The key indicators of this sector are the growth of corporate sector for real estate sector and computer related activities which are estimated using latest available information on listed companies for the first half of financial year 2017-18. The combined growth in aggregate bank deposits and credits as on 10 November 2017 was 8.4 per cent.
As per the CSO data, the expansion in activities in 'agriculture, forestry and fishing' is likely to slow to 2.1 per cent in the current fiscal from 4.9 per cent in the preceding year. The growth in manufacturing sector too is expected to decelerate to 4.6 per cent this fiscal, down from 7.9 per cent in 2016-17.
The Narendra Modi-led NDA government had assumed office in May 2014.