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.