The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Provisional Estimates (PE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2023-24 and Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24 along with its expenditure components both at Constant (2011-12) and Current Prices.
Annual and quarterly estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity along with year on year percent changes, expenditure components of GDP and annual estimates of Gross/Net National Income and Per Capita Income for the years 2021-22, 2022-23 and 2023-24 at Constant and Current Prices.
According to the key highlights, Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23. Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23.
Real GVA has grown by 7.2% in 2023-24 over 6.7% in 2022-23. This GVA growth has been mainly due to significant growth of 9.9% in manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector.
Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24. Growth rates in Nominal GVA and Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9% respectively.
Real GDP or GDP at Constant Prices is estimated to attain a level of Rs173.82 lakh crore in the year 2023-24, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs160.71 lakh crore. The growth rate in Real GDP during 2023-24 is estimated at 8.2% as compared to 7.0% in 2022-23. Nominal GDP or GDP at Current Prices is estimated to attain a level of Rs295.36 lakh crore in the year 2023-24, against Rs269.50 lakh crore in 2022-23, showing a growth rate of 9.6%.
Real GVA is estimated at Rs158.74 lakh crore in the year 2023-24, against the FRE for the year 2022-23 of Rs148.05 lakh crore, registering a growth rate of 7.2% as compared to 6.7% in 2022-23. Nominal GVA is estimated to attain a level of Rs267.62 lakh crore during FY 2023-24, against Rs 246.59 lakh crore in 2022-23, showing a growth rate of 8.5%.
In the term of Quarterly Estimates and Growth Rates, Real GDP or GDP at Constant Prices in Q4 of 2023-24 is estimated at Rs47.24 lakh crore, against Rs43.84 lakh crore in Q4 of 2022-23, showing a growth rate of 7.8%. Nominal GDP or GDP at Current Prices in Q4 of 2023-24 is estimated at Rs78.28 lakh crore, against Rs71.23 lakh crore in Q4 of 2022-23, showing a growth rate of 9.9%.
Real GVA in Q4 of 2023-24 is estimated at Rs42.23 lakh crore, against Rs39.74 lakh crore in Q4 of 2022-23, showing a growth rate of 6.3%. Nominal GVA in Q4 of 2023-24 is estimated at Rs70.97 lakh crore, against Rs65.74 lakh crore in Q4 of 2022-23, showing a growth rate of 8.0%.
