Advertisement

Updated January 7th, 2024 at 10:21 IST

FY24 GDP growth at 7.3%, government releases First Advance Estimates

The real GDP growth for 2023-24 is projected to reach Rs 171.79 lakh crore, exhibiting a growth of 7.3% compared to the previous year.

Sankunni K
Advance Estimates of National Income
Advance Estimates of National Income | Image:Unsplash
Advertisement

Real GDP growth: The government has projected a real Gross Domestic Product (GDP) growth of 7.3 per cent for fiscal year 2023-24, according to the First Advance Estimates (FAE) released by the National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation. The data, presented in both constant and current prices, sheds light on the country's economic trajectory.

Key highlights of First Advance Estimates

  • Real GDP growth: The real GDP, or GDP at constant prices, for 2023-24 is projected to reach Rs 171.79 lakh crore, exhibiting a growth of 7.3 per cent compared to the previous year. This is a positive outlook, slightly surpassing the 7.2 per cent growth recorded in 2022-23.
  • Nominal GDP surge: The Nominal GDP, or GDP at Current Prices, is estimated at Rs 296.58 lakh crore for 2023-24, reflecting a substantial growth of 8.9 per cent compared to the provisional estimate for 2022-23. The nominal GDP growth is poised to rebound after a notable 16.1 per cent surge in the previous fiscal year.
  • Sector-wise indicators: The Advance Estimates are grounded in a benchmark-indicator method, leveraging various indicators such as industrial production, financial performance of listed companies, crop production, livestock production, and more. These indicators contribute to a comprehensive evaluation of the economic landscape.
  • Tax revenue and subsidies: The compilation involves a meticulous assessment of tax revenue, including GST and non-GST revenue, and product subsidies. The budget estimates, coupled with the latest information from authoritative sources, guide the estimation process.
  • Government final consumption expenditure (GFCE): Government expenditure is scrutinised based on detailed analyses of budget documents, providing insights into GFCE. The data considers various factors, including revenue expenditure, interest payments, and subsidies.

While these estimates offer a preliminary glimpse into the economic performance for 2023-24, they are subject to revisions based on improved data coverage, actual tax collections, and expenditure incurred on subsidies. The first revised estimates for the benchmark year 2022-23 are expected on February 29, 2024, and may influence growth rate revisions.

Advertisement

Published January 5th, 2024 at 17:53 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo