First Advance Estimates of National Income (2023-24) Unveiled by National Statistical Office
New Delhi, January 5, 2024: The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation, has released the First Advance Estimates (FAE) of National Income for the financial year 2023-24. These estimates, presented in both Constant (2011-12) and Current Prices, provide insights into various economic indicators.
Key Highlights:
- Real GDP at Constant (2011-12) Prices for 2023-24 is projected to reach ₹171.79 lakh crore, reflecting a growth rate of 7.3%. This compares to the provisional GDP estimate of ₹160.06 lakh crore for 2022-23, with a growth rate of 7.2%.
- Nominal GDP at Current Prices for 2023-24 is estimated at ₹296.58 lakh crore, showcasing a growth rate of 8.9%. In contrast, the provisional GDP estimate for 2022-23 stood at ₹272.41 lakh crore, with a growth rate of 16.1%.
- The Advance Estimates utilize a benchmark-indicator method, extrapolating data from the previous year (2022-23) using relevant indicators. Key indicators include the Index of Industrial Production, financial performance of listed companies, crop production targets, livestock production estimates, fish production, and more.
- Early projections for 2023-24 are subject to subsequent revisions due to improved data coverage, actual tax collections, expenditure on subsidies, and data revisions by source agencies. The First Revised Estimates for 2022-23, scheduled for release on February 29, 2024, may contribute to revisions in growth rates indicated in FAE.
- The Second Advance Estimates for 2023-24 and quarterly GDP estimates for October-December 2023 (Q3 2023-24), along with Revised Estimates for the years 2022-23, 2021-22, and 2020-21, are slated for release on February 29, 2024.
These initial estimates provide a snapshot of the economic landscape, but users are advised to consider subsequent revisions for a more accurate interpretation.
