New Delhi: The Indian economy remained resilient with a “robust” 7.6% growth rate of GDP in FY 2023-24 over and above 7% growth rate in FY 2022-23, data released today by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), revealed.
The Real GDP or GDP at constant (2011-12) prices in the year 2023-24 are estimated to attain a level of ₹172.90 lakh crore, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of ₹160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6 per cent as compared to a growth rate of 7.0 per cent in 2022-23.
Nominal GDP or GDP at current prices in the year 2023-24 is estimated to attain a level of ₹293.90 lakh crore, against ₹269.50 lakh crore in 2022-23, showing a growth rate of 9.1 per cent.
GDP at constant (2011-12) prices in Q3 of 2023-24 are estimated at ₹43.72 lakh crore, against ₹40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 per cent. GDP at current prices in Q3 of 2023-24 is estimated at ₹75.49 lakh crore, as against ₹68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 per cent.
The double-digit growth rate of the construction sector (10.7%), followed by a good growth rate of the manufacturing sector (8.5%) has boosted the GDP growth in FY 2023-24. On the back of double-digit growth in the manufacturing sector (11.6%) sector, followed by a good growth rate in the construction sector (9.5%), Real GDP grew by 8.4% in Q3 of FY 2023-24.
The Second Revised Estimate (SRE) of 2021-22 and the Third Revised Estimate (TRE) of 2020-21 are the Final Estimates for the respective years. SRE for 2021-22 onward will be the Final Estimate and TRE for those years will not be released, MoSPI stated.
The Advance Estimates of National Income are indicator-based and are compiled using the benchmark-indicator method, which means the estimates available for the previous year (2022-23) are extrapolated using the relevant indicators reflecting the performance of sectors, MoSPI explained. The First Advance Estimates (FAE) for 2023-24 were based on very limited data and by using Provisional Estimates of 2022-23 as benchmark estimates.
For the compilation of Second Advance Estimates (SAE) of National Income 2023-24, the Provisional Estimates of 2022-23 used at the time of FAE have been replaced by the First Revised Estimates (FRE) 2022-23 which have been compiled using industry-wise/institution-wise detailed information. Thus, variations in SAE from FAE are attributed to the revision of benchmark estimates and additional data available on various indicators like the Consumer Price Index, the Index of Industrial Production, Revised Estimates of fiscal data, financial results of listed companies used for compiling the estimates for 2023-24. The quarterly estimates of previous years along with the first and second quarter estimates of 2023-24 released earlier have also undergone revision in accordance with the revision policy of National Accounts, the Ministry stated.
– global bihari bureau
