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First Advance Estimates 2023-24

First Advance Estimates 2023-24 mind map
Recent News
Released on January 6th, 2024
When
For fiscal year 2023-24
Why
Inform policy decisions
Budget planning
What
GDP Growth
Estimated at 7.3%
Compared to Previous Year
Slightly higher than 7.2%
Construction Sector
Expected growth of 10.7%
Agriculture and Allied Sector
Estimated growth of 1.8%
Where
Across India
Who
National Statistical Office
Ministry of Statistics and Programme Implementation
How
Calculation Method
Benchmark-indicator method
Using provisional data
High-frequency indicators
Data Sources
Various Ministries and Departments
Private Agencies
Significance
Reflects robust domestic demand
Indicates economic expansion
Challenges
Early projections
Subject to revisions
Way Forward
Subsequent Revisions
To be expected
Next Releases
Second Advance Estimates
Quarterly GDP estimates

In summary, the FAE for 2023-24 projects India’s GDP growth at 7.3%, slightly higher than the previous year’s 7.2%. This growth is underpinned by a strong performance in the construction sector, while the agriculture and allied sector shows comparatively modest growth. The NSO, under the Ministry of Statistics and Programme Implementation, releases these estimates, which are compiled using a benchmark-indicator method and data from various sources. While these figures are essential for policy and budgetary planning, it’s important to note that they are preliminary and subject to future revisions.

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