New Delhi: The First Advance Estimates (FAE) of National Income, 2022-23, at both Constant (2011-12) and Current Prices, released today by the National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation scaled down the growth in real GDP from 8.7 per cent in 2021-22 to 7.0 per cent during 2022-23.
Similarly, the growth in nominal Gross Domestic Product during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22, as per the release.
Real Gross Domestic Product or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs. 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs. 147.36 lakh crore, released on May 31, 2022.
Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs. 273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs. 236.65 lakh crore, released on May 31, 2022.
However, as per the release, these are early projections for 2022-23. Improved data coverage, actual tax collections and expenditure incurred on subsidies, data revisions made by source agencies etc. would have a bearing on subsequent revisions of these estimates. The First Revised Estimates for 2021-22 (benchmark year), due for release on February 28, 2023, may also lead to a revision in growth rates reflected in FAE. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take this into consideration when interpreting the figures.
The Second Advance Estimates of National Income for the year 2022-23 and quarterly GDP estimates for the quarter October-December, 2022 (Q3 2022-23), along with the First Revised, Second Revised and Third Revised Estimates of National Accounts for the years 2021-22, 2020-21 and 2019-20 respectively will be released on February 28, 2023.
– global bihari bureau