The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation is releasing in this Press Note the First Advance Estimates (FAE) of National Income for the financial year 2023-24, both at Constant (2011-12) and Current Prices.
Estimates of Gross/ Net National Income and Per Capita Income along with Gross Value Added (GVA) at Basic Prices by kind of economic activity and the Expenditure Components of GDP for the years 2021-22, 2022-23 and 2023-24 at Constant (2011-12).
Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 160.06 lakh crore, released on 31st May, 2023. The growth in real GDP during 2023-24 is estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23.
Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs 296.58 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 272.41 lakh crore, released on 31st May, 2023. The growth in nominal GDP during 2023-24 is estimated at 8.9 per cent as compared to 16.1 per cent in 2022-23.
The Advance Estimates of National Income are indicator-based and are compiled using the benchmark-indicator method i.e. the estimates available for the previous year (2022-23) are extrapolated using the relevant indicators reflecting the performance of sectors. Data sourced from various Ministries/ Departments/ Private Agencies serve as valuable inputs in the compilation of these estimates.
The total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. The Budget Estimates of tax revenue for 2023-24 along with latest information available on the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at current prices.
The First Revised Estimates for 2022-23 (benchmark year), due for release on 29.02.2024, may also lead to revision in growth rates reflected in FAE. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take this into consideration while interpreting the figures.
The Second Advance Estimates of National Income for the year 2023-24 and quarterly GDP estimates for the quarter October-December, 2023 (Q3 2023-24), along with First, Second and Third Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the years 2022-23, 2021-22 and 2020-21 respectively will be released on 29.02.2024.
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