• UGI USER
  • Jan 08, 2024
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INDIA’S GDP GROWTH ESTIMATES – NSO DATA

Why in the News?

  • India’s real GDP growth for 2023-24 is estimated at 7.3%, slightly higher than the previous year’s 7.2%, according to the National Statistical Office (NSO).
  • The NSO’s advance estimates surpass the Reserve Bank of India’s (RBI) projection of 7%, indicating a more optimistic outlook for the economy.
Source : The Hindu

Sectoral Insights :

  • The NSO anticipates Gross Value Added (GVA) growth to ease from 7% to 6.9% this year, with nominal GDP growth at 8.9%, lower than the Budget estimate of 10.5%.
  • Concerns arise over weak consumption growth at 4.4%.
  • Private final consumption expenditure’s share in GDP is expected to decline to 56.9%.
Key Terms:

National Statistical Office (NSO):

·    Nodal agency under the Ministry of Statistics and Programme Implementation.

·    Establishes norms and standards in statistics, covering concepts, definitions, data collection, processing, and result dissemination.

·    Components: Comprises Central Statistical Office (CSO), Computer Center, and National Sample Survey Office (NSSO).

·    CSO conducts monthly Index of Industrial Production (IIP) and Annual Survey of Industries (ASI).

 Gross Development Product (GDP):

The GDP gauges the monetary value of all “final” goods and services, which are purchased by the ultimate user, generated within a country during a specific duration.

Source: PrepNuggets

Gross Value Added (GVA):

The GVA, per RBI, in a sector refers to the output’s value after subtracting intermediary input value and excluding taxes and subsidies. This “value added” gets distributed among primary production factors: labour and capital.