The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) released the Second Advance Estimates (SAE) of National Income, Financial Year 2023-24 (FY24); Quarterly Estimates of Gross Domestic Product (GDP) for October-December quarter of FY24 (Q3FY24).
Also, the NSO decided to consider the Second Revised Estimates (SRE) as Final Estimates. Accordingly, the practice of bringing out Third Revised Estimates (TRE) would be discontinued.
- Therefore, it will now release five GDP numbers instead of six.
Quarterly Estimates of GDP for Q3FY24:
i.Real GDP in Q3FY24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of FY23, showing a growth rate of 8.4%.
ii.GDP at Current Prices in Q3FY24 is estimated at Rs 75.49 lakh crore, as against Rs 68.58 lakh crore in Q3 of F23, showing a growth rate of 10.1%.
- The growth is primarily due to the strong performance of the manufacturing, mining, and quarrying, as well as construction sectors. The NSO also pegs the country’s growth at 7.6% for FY24.
SAE of National Income, FY24:
i.Real GDP or GDP at Constant (2011-12) Prices in FY24 is estimated at Rs 172.90 lakh crore, against the First Revised Estimates (FRE) of GDP for FY23 of Rs 160.71 lakh crore.
- The growth in real GDP during FY24 is estimated at 7.6% as compared to 7% in FY23.
ii.Nominal GDP or GDP at Current Prices in FY24 is estimated at Rs 293.90 lakh crore, against the FRE of GDP FY23 of Rs 269.50 lakh crore.
- The growth in nominal GDP during FY24 is estimated at 9.1% as compared to 14.2% in FY23.
Key Points:
i.Real GDP for the years 2022-23 and 2021-22 stands at Rs 160.71 lakh crore and Rs 150.22 lakh crore, respectively, showing a growth of 7% during FY23 as compared to growth of 9.7% during FY22.
ii.Nominal GDP or GDP at current prices for FY23 is estimated at Rs 269.50 lakh crore, against Rs 235.97 lakh crore for FY22, showing a growth of 14.2% during 2022-23 as compared to growth of 18.9% during FY22.
iii.According to the Index of Eight Core Industries, the combined growth rate of key sectors like Coal, Steel, Cement, Natural Gas, Electricity, and Crude Oil increased by 3.6% in January 2024 compared to January 2023.
iv.April-Jan fiscal deficit at Rs 11.03 lakh crore, 63.6% of FY24 target
v.The next release of quarterly GDP estimates for the quarter January-March, 2024 (Q4 FY24) and Provisional Estimates of National Income for FY24 will be on 31st May, 2024.
Recent Related News:
i.On February 12, 2024, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation (MoSPI) released its 21st quarterly Periodic Labour Force Survey (PLFS) bulletin for October-December 2023 (Q3FY24). As per it, India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for persons aged 15 years and above declined to 6.5% during Q3FY24 which is the lowest level in over 4 years.
ii.As per the data released by the National Statistical Office (NSO), MOSPI, India’s Gross Domestic Product (GDP) grew one year high to 7.8% in the April-June quarter of 2023-2024 (Q1FY24), compared to a growth of 6.1% in the January-March quarter of FY23
(Q4FY23).
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Secretary– DR. G P Samanta
