The Ministry of Statistics and Programme Implementation (MoSPI) has released the Provisional Estimates (PE) of Annual Gross Domestic Product (GDP) for the financial year 2023-24 and Quarterly Estimates for the fourth quarter (Q4) of 2023-24. This information includes both constant (2011-12) and current prices, detailing the economic performance across various sectors.
Key Highlights:
- Real GDP Growth: The Real GDP is estimated to grow by 8.2% in FY 2023-24, compared to 7.0% in FY 2022-23.
- Nominal GDP Growth: Nominal GDP has grown by 9.6% in FY 2023-24, down from 14.2% in FY 2022-23.
- Real GVA Growth: Real Gross Value Added (GVA) has increased by 7.2% in FY 2023-24, up from 6.7% in FY 2022-23. Notably, the Manufacturing sector saw a significant growth of 9.9%, rebounding from a decline of 2.2% in the previous year. The Mining & Quarrying sector also grew by 7.1%, up from 1.9% in FY 2022-23.
- Q4 2023-24 Growth: In the fourth quarter of FY 2023-24, Real GDP is estimated to grow by 7.8%, while Real GVA is projected to increase by 6.3%. The growth rates for Nominal GDP and Nominal GVA for the same period are estimated at 9.9% and 8.0%, respectively.
Annual Estimates and Growth Rates
- Real GDP at Constant Prices: For FY 2023-24, Real GDP is estimated to be ₹173.82 lakh crore, up from ₹160.71 lakh crore in FY 2022-23, marking an 8.2% growth.
- Nominal GDP at Current Prices: Estimated at ₹295.36 lakh crore for FY 2023-24, compared to ₹269.50 lakh crore in FY 2022-23, reflecting a 9.6% increase.
- Real GVA: Estimated at ₹158.74 lakh crore for FY 2023-24, up from ₹148.05 lakh crore in FY 2022-23, showing a growth of 7.2%.
- Nominal GVA: Estimated at ₹267.62 lakh crore for FY 2023-24, compared to ₹246.59 lakh crore in FY 2022-23, indicating an 8.5% growth.
Quarterly Estimates and Growth Rates
- Q4 2023-24 Real GDP: Estimated at ₹47.24 lakh crore, an increase from ₹43.84 lakh crore in Q4 2022-23, representing a 7.8% growth.
- Q4 2023-24 Nominal GDP: Estimated at ₹78.28 lakh crore, up from ₹71.23 lakh crore in Q4 2022-23, showing a 9.9% growth.
- Q4 2023-24 Real GVA: Estimated at ₹42.23 lakh crore, up from ₹39.74 lakh crore in Q4 2022-23, indicating a 6.3% growth.
- Q4 2023-24 Nominal GVA: Estimated at ₹70.97 lakh crore, compared to ₹65.74 lakh crore in Q4 2022-23, showing an 8.0% increase.
Methodology and Major Data Sources
The Provisional and Quarterly Estimates of National Income are compiled using the benchmark-indicator method. These estimates extrapolate the previous year’s data using relevant indicators reflecting the performance of various sectors. Major data sources include the Index of Industrial Production (IIP), financial performance of listed companies, advance estimates of crop production, production of major livestock products, fish production, cement and steel consumption, and data on transport and government financial activities.
Future Releases
The next release of quarterly GDP estimates for the first quarter of FY 2024-25 (April-June) will be on 30th August 2024.
For detailed information and data tables, you can download the full press release in PDF format from the official website.
Stay informed with the latest updates on India’s economic performance by visiting the Ministry of Statistics and Programme Implementation’s official site.
This blog post aims to provide a comprehensive overview of India’s GDP and GVA estimates, highlighting the key figures and growth rates for the financial year 2023-24 and the fourth quarter of 2023-24. The information is based on the provisional estimates released by the National Statistical Office (NSO).
Click here to download the Official Press release in pdf format
