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FIRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2023-24
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....IRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2023-24 <br>News and Press Release<br>Dated:- 6-1-2024<br><BR>Indian economy is to grow by a robust 7.3% in FY 2023-24 over and above provisional growth rate of 7.2% during the last financial year. Construction sector has been estimated to have double digits growth of 10.7%. All the economic sectors have fared well by witnessing more than 6%, except for Agriculture and Allied sector, for which the estimated growth is 1.8%. 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. 2. Estimates of....
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.... 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) and Current Prices are given in Statements 1 to 4. 3. 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. 4. Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs.296.58 lakh crore, as again....
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....st 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. 5. 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. The sector-wise estimates have been compiled using indicators like (i) Index of Industrial Production (IIP), (ii) Financial per....
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....formance of Listed Companies in the Private Corporate sector available for Q1 and Q2 of 2023-24, (iii) Crop production targets and First Advance Estimates of Crop Production for 2023-24, (iv) Production targets and summer season production estimates of Major Livestock Products for 2023-24 and (v) Fish Production, (vi) Production/ Consumption of Cement and Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for Railways, (viii) Passenger and Cargo traffic handled by Civil Aviation, (ix) Cargo traffic handled at Major and Minor Sea Ports, (x) Sales of Commercial Vehicles, (xi) Bank Deposits & Credits, (xii) Accounts of Central & State Governments, etc., available for first 6-8 months of the financial year 2023-24. Percentage changes in....
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.... the main indicators used in the estimation are given in the Annexure. 6. The total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. The Budget Estimates of tax revenue for 2023-24 along with latest information available on the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at current prices. For obtaining taxes on products at constant Prices, volume extrapolation is done using volume growth of taxed goods and services and aggregated to get the total volume of taxes. The total product subsidies were compiled using the latest information on major subsidies viz. Food, Urea, Petroleum and Nutrient base....
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....d subsidy as available on CGA website and the expenditure incurred on subsidies by most States up to November, 2023 as available on CAG website along with the Centre/ State-wise BE provision for 2023-24. Information available on Revenue expenditure, Interest payments, Subsidies etc. based on detailed analysis of budget documents of Centre and States for 2023-24 were put to use for estimating Government Final Consumption Expenditure (GFCE). 7. However, these are early projections for 2023-24. Improved data coverage, actual tax collections and expenditure incurred on subsidies, data revisions made by source agencies etc. would have a bearing on subsequent revisions of these estimates. The First Revised Estimates for 2022-23 (benchmark year),....
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.... due for release on 29.02.2024, may also lead to revision in growth rates reflected in FAE. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take this into consideration while interpreting the figures. 8. The Second Advance Estimates of National Income for the year 2023-24 and quarterly GDP estimates for the quarter October-December, 2023 (Q3 2023-24), along with First, Second and Third Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the years 2022-23, 2021-22 and 2020-21 respectively will be released on 29.02.2024. ============= Document 1 Sl.No. This Press Release is embargoed against pub....
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....lication, telecast or circulation on internet till 5.30 pm on 5th January, 2024 Statement 1: First Advance Estimates of National Income and Expenditure Components of GDP, 2023-24 (at 2011-12 Prices) Crore) 2021-22 Item (1st RE) 2022-23 (PE) 2023-24 (FAE) Percentage Change Over Previous Year 2022-23 2023-24 Domestic Product 1 GVA at Basic Prices 1,37,98,025 1,47,64,840 1,57,82,157 7.0 6.9 2 Net Taxes on Products 11,27,815 3 Gross Domestic Product (GDP) @ 1,49,25,840 4 Net Domestic Product (NDP) 1,29,77,142 12,41,585 1,60,06,425 1,39,29,147 13,96,485 10.1 12.5 1,71,78,641 7.2 7.3 1,49,58,030 7.3 7.4 # Expenditure Components Private Final Consumption 5 87,03,541 93,58,694 97,74,122 Expenditur....
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....e (PFCE) Government Final Consumption 6 15,75,281 15,77,306 16,41,364 Expenditure (GFCE) Gross Fixed Capital Formation 7 48,78,773 54,34,691 59,94,586 (GFCF) 8 Changes in Stocks (CIS) 1,24,162 1,27,463 1,33,319 9 Valuables 2,78,759 2,26,089 1,97,931 10 Exports 33,05,833 37,54,521 38,06,953 11 Imports 34,93,326 40,91,375 46,29,536 12 Discrepancies -4,47,182 -3,80,964 2,59,902 13 GDP 1,49,25,840 1,60,06,425 1,71,78,641 Share in GDP(%) Private Final Consumption 14 58.3 58.5 56.9 Expenditure (PFCE) Government Final Consumption 15 10.6 9.9 9.6 Expenditure (GFCE) Gross Fixed Capital Formation 16 32.7 34.0 34.9 (GFCF) 17 Changes in Stocks (CIS) 0.8 0.8 0.8 18 Valuables 1.9 1.4 1....
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.....2 19 Exports 22.1 23.5 22.2 20 Imports 23.4 25.6 26.9 21 Discrepancies -3.0 -2.4 1.5 22 GDP 100.0 100.0 100.0 National Product 23 Gross National Income (GNI) 1,46,19,532 1,56,81,337 1,68,05,361 7.3 7.2 24 Net National Income (NNI) 1,26,70,834 1,36,04,058 1,45,84,750 7.4 7.2 Per Capita Income, Product and Final Consumption 25 |Population* (in million) 1369 1383 1395 26 Per Capita GDP (*) 1,09,060 1,15,746 1,23,144 6.1 27 Per Capita GNI (*) 1,06,822 28 Per Capita NNI (*) 92,583 29 Per Capita PFCE (*) 63,595 1,13,395 98,374 67,675 1,20,469 1,04,550 6.2 6.3 23 70,065 6.4 5338 6.4 6.2 6.3 3.5 RE: Revised Estimates; PE: Provisional Estimates: FAE: First Advance Estimates @GD....
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....P (Production/Income Approach) = GVA at Basic Price + Net Taxes on Products #Following Expenditure Approach, GDP = PFCE + GFCE + GFCF + CIS + Valuable + Export - Import. Discrepancy refers to gap between GDP (Production/Income Approach) and GDP (Expenditure Approach) *Relates to mid-financial year 4 Sl.No. This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 5th January, 2024 Statement 2: First Advance Estimates of National Income and Expenditure Components of GDP, 2023-24 (at Current Prices) (Crore) 2021-22 Item (1st RE) 2022-23 (PE) 2023-24 (FAE) Percentage Change Over Previous Year 2022-23 2023-24 Domestic Product 1 GVA at Basic Prices 2,14,38,883 2,47,42,871 2....
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....,67,12,195 15.4 8.0 2 Net Taxes on Products 20,32,128 24,97,841 29,45,549 22.9 17.9 3 Gross Domestic Product (GDP) @ 2,34,71,012 2,72,40,712 2,96,57,745 16.1 8.9 4 Net Domestic Product (NDP) 2,07,96,554 2,43,68,727 2,65,58,402 17.2 9.0 # Expenditure Components Private Final Consumption 5 1,43,44,336 1,64,94,733 1,80,51,291 Expenditure (PFCE) Government Final Consumption 6 26,25,361 28,19,205 30,45,907 Expenditure (GFCE) Gross Fixed Capital Formation 7 67,86,391 79,43,199 88,32,161 (GFCF) 8 Changes in Stocks (CIS) 1,63,438 1,81,754 1,90,982 9 Valuables 3,79,112 3,30,994 3,14,675 10 Exports 50,49,645 62,07,309 64,28,932 11 Imports 56,69,023 72,03,213 70,16,344 12 Discrepancies ....
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.... -2,08,247 4,66,730 -1,89,860 13 GDP 2,34,71,012 2,72,40,712 2,96,57,745 Share in GDP(%) Private Final Consumption 14 61.1 60.6 60.9 Expenditure (PFCE) Government Final Consumption 15 11.2 10.3 10.3 Expenditure (GFCE) Gross Fixed Capital Formation 16 28.9 29.2 29.8 (GFCF) 17 Changes in Stocks (CIS) 0.7 0.7 0.6 18 Valuables 1.6 1.2 1.1 19 Exports 21.5 22.8 21.7 20 Imports 24.2 26.4 23.7 21 Discrepancies -0.9 1.7 -0.6 22 GDP 100.0 100.0 100.0 National Product 222 23 Gross National Income (GNI) 2,30,01,260 2,66,95,929 2,90,25,946 16.1 8.7 24 Net National Income (NNI) 2,03,26,803 2,38,23,945 2,59,26,603 17.2 8.8 Gross National Disposable Income 25 2,36,06,704 2,73,36,48....
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....2 2,97,05,903 15.8 8.7 (GNDI) 26 Net National Disposable Income 26 2,09,32,247 2,44,64,497 2,66,06,560 16.9 8.8 (NNDI) Per Capita Income, Product and Final Consumption 27 Per Capita GDP (*) 1,71,498 1,96,983 2,12,600 14.9 7.9 28 Per Capita GNI (*) 1,68,066 1,93,044 2,08,071 14.9 7.8 86 29 Per Capita NNI (*) 1,48,524 1,72,276 1,85,854 16.0 7.9 30 Per Capita GNDI (*) 1,72,490 1,97,676 2,12,946 14.6 7.7 31 |Per Capita PFCE (Rs.) 1,04,811 1,19,277 1,29,400 13.8 8.5 RE: Revised Estimates; PE: Provisional Estimates: FAE: First Advance Estimates @GDP (Production/Income Approach) = GVA at Basic Price + Net Taxes on Products #Following Expenditure Approach, GDP = PFCE + GFCE+ GFCF + CIS + Valuable ....
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....+ Export - Import. Discrepancy refers to gap between GDP (Production/Income Approach) and GDP (Expenditure Approach) 5 This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 5th January, 2024 Statement 3: First Advance Estimates of GVA at Basic Prices by Economic Activity (at 2011- 12 Prices) (Crore) Percentage Change 2021-22 Industry (1st RE) 2022-23 (PE) 2023-24 Over Previous Year (FAE) 2022-23 2023-24 1. Agriculture, Livestock, Forestry & Fishing 21,49,122 22,34,269 22,74,933 4.0 1.8 2. Mining & Quarrying 3,10,415 3,24,708 3,50,870 4.6 8.1 65 3. Manufacturing 25,82,473 26,17,059 27,88,056 1.3 6.5 4. Electricity, Gas, Water Supply & Other Utility Services....
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.... 3,16,110 3,44,418 3,72,919 9.0 5. Construction 11,29,368 12,42,354 13,75,800 10.0 10.7 1383 6. Trade, Hotels, Transport, Communication & Services related to Broadcasting 24,56,447 7. Financial, Real Estate & Professional Services 8. Public Administration, Defence & Other Services* 30,98,827 28,00,112 29,77,007 33,20,305 36,15,545 14.0 6.3 7.1 8.9 GVA at Basic Prices 17,55,263 18,81,615 20,27,026 1,37,98,025 1,47,64,840 1,57,82,157 7.2 7.7 7.0 6.9 Statement 4: First Advance Estimates of GVA at Basic Prices by Economic Activity (at Current Prices) (Crore) Percentage Change Industry 2021-22 (1st RE) 1. Agriculture, Livestock, Forestry & Fishing 2. Mining & Quarrying 3. Manufacturing 4. Electricity, Gas....
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...., Water Supply & Other Utility Services 5. Construction 6. Trade, Hotels, Transport, Communication & Services related to Broadcasting 7. Financial, Real Estate & Professional Services 8. Public Administration, Defence & Other Services* 2022-23 (PE) 40,66,649 45,57,599 4,29,364 5,83,535 33,96,735 36,36,171 2023-24 (FAE) Over Previous Year 2022-23 2023-24 48,09,251 12.1 5.5 6,17,396 35.9 5.8 37,96,270 7.0 4.4 5,55,605 7,41,540 17,37,505 20,27,545 8,09,605 33.5 9.2 22,21,363 16.7 9.6 36,11,993 44,48,156 47,07,728 46,12,286 53,00,147 58,26,765 23.1 5.8 14.9 9.9 GVA at Basic Prices 30,28,745 34,48,178 39,23,819 2,14,38,883 2,47,42,871 2,67,12,195 13.8 13.8 15.4 8.0 RE: Revised Estimates; PE: Provisi....
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....onal Estimates: FAE: First Advance Estimates *Public Administration, Defence & Other Services category includes the Other Services sector i.e. Education, Health, Recreation, and other personal services 6 This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 5th January, 2024 Percentage Change in Main Indicators Annexure Sl. No. Indicators 2022-23* 2023-24* Data Available upto [1] [2] [3] [4] [5] 123 Production of Rice 0.9 -5.4 FAE of Crop Production 2 Production of Coal 17.2 12.8 November 3 Production of Crude Oil -1.4 -0.2 November 4 Production of Cement 10.9 10.3 November 5 Consumption of Steel 12.5 14.9 November 6 Total Telephone Subscribers -1.4 ....
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.... 0.8 September 7 Sales of Commercial Vehicles 67.8 1.9 September 8 Purchase of Private Vehicles 24.8 9.1 November 9 Cargo Handled at Major Sea Ports 8.7 5.6 November 10 Cargo Handled at Airports 1.6 2.3 November 11 Passengers Handled at Airports 93.2 19.2 November 12 Railways (i) Net Tonne Kilometres 13.1 -0.2 November (ii) Passenger Kilometres 78.0 13.3 November 13 Aggregate Bank Deposits 8.9 12.5 October 14 Aggregate Bank Credits 17.0 15.8 October Revenue Expenditure less Interest 15 3.7 5.8 November Payment and Subsidies (Centre) 16 Export of Goods & Services 27.6 2.8 November 17 Import of Goods & Services 37.7 -3.7 November 18 CPI General Index 6.9 5.5 November 19 IIP ....
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.... (i) Mining 4.0 9.4 October (ii) Manufacturing 4.9 6.4 October (iii) Electricity 9.4 7.9 October (iv) Metallic Minerals -6.5 13.5 October 20 WPI (i) Food Articles 9.7 6.0 November (ii) Minerals 7.6 8.3 November (iii) Manufactured Products 7.5 -2.0 November (iv) All Commodities 12.4 -1.3 November *Year-on-Year growth rates are based on data available for the period as mentioned in column [5] 7<BR> News - Press release - PIB....