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