NSO Revises India’s GDP Growth Estimates

NSO Revises India's GDP Growth Estimates mind map
Recent News
NSO's First Advance Estimates for FY 2023-24
Real GDP growth estimated at 7.3%
Compared to 7.2% in 2022-23
Nominal GDP growth at 8.9%
Down from 16.1% in 2022-23
Economic sectors performance
Construction sector growth at 10.7%
Agriculture and Allied sector growth at 1.8%
Other sectors with over 6% growth
Posted on 05 Jan 2024
Reflect changes in economic performance and projections
Real GDP at Constant Prices
FY 2023-24: ₹171.79 lakh crore
FY 2022-23: ₹160.06 lakh crore
Nominal GDP at Current Prices
FY 2023-24: ₹296.58 lakh crore
FY 2022-23: ₹272.41 lakh crore
Sector-wise growth
Manufacturing sector growth at 6.5%
Mining sector growth at 8.1%
Financial services, real estate, professional services at 8.9%
National Statistical Office (NSO)
Ministry of Statistics and Programme Implementation (MoSPI)
Reserve Bank of India (RBI)
Adjusted growth forecast to 7% from 6.5%
Indicator-based compilation using benchmark-indicator method
Inputs from various Ministries/Departments/Private Agencies
Estimates extrapolated using relevant performance indicators
Positions India at forefront of major global economies
Reflects strong economic growth despite global uncertainties
Supports government's infrastructure and manufacturing initiatives
Agriculture sector's modest growth at 1.8%
Way Forward
Future revisions based on improved data coverage and actual tax collections

The National Statistical Office (NSO) has revised India’s GDP growth estimates for the fiscal year 2023-24, projecting a real GDP growth of 7.3% compared to 7.2% in 2022-23. This update showcases India’s economic resilience and a robust performance across several sectors, with the construction sector expected to see a notable growth of 10.7%. Despite global economic challenges, India continues to exhibit strong growth dynamics, underpinned by increased state spending and manufacturing activities. However, the agriculture and allied sector is projected to grow at a modest rate of 1.8%. These projections are based on the First Advance Estimates released by the NSO, which utilizes a comprehensive methodology incorporating inputs from various sectors and extrapolating estimates using relevant indicators​​​​​​​​​​.

India’s economic outlook remains positive, with the Reserve Bank of India (RBI) also adjusting its growth forecast to 7% from an earlier estimate of 6.5%, indicating favorable economic conditions and positive trends across sectors​​. The NSO’s advance estimates are crucial for understanding the direction of India’s economy and will be refined further as more data becomes available, ensuring an accurate reflection of the country’s economic health.

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