• UGI USER
  • Jun 01, 2024
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MANUFACTURING SECTOR DRIVES GDP GROWTH TO 8.2% IN FISCAL YEAR

Why in the news?

  • India’s real Gross Domestic Product (GDP) for FY24 grew by a faster-than-expected 8.2%, exceeding the initial projection of 7.3% by the National Statistical Office (NSO).
  • Nominal GDP witnessed a growth rate of 9.6% in FY24, with real Gross Value Added (GVA) expanding by 7.2%.
  • The significant growth in the manufacturing sector by 9.9% and mining and quarrying by 7.1% contributed to the GVA growth, as explained by the NSO.
source:scribd

About the National Statistical Office (NSO):

  • NSO, under the Ministry of Statistics, oversees statistical system development.
  • Comprises CSO, Computer center, and NSSO.
  • Compiles monthly Index of Industrial Production (IIP) and conducts Annual Survey of Industries (ASI).
  • Provides statistical data on organized manufacturing sector changes.
  • NSSO and CSO merged to form NSO, approved by the Indian Government on May 23, 2019.
  • NSSO, formerly NSSO, conducted major socio-economic surveys in India.
  • CSO, previously CSO, coordinated statistical activities and maintained standards.
  • NSO operates under the Ministry of Statistics and Programme Implementation (MOSPI).
About Gross Domestic Product (GDP):

  • GDP measures the monetary value of all final goods and services.
  • Four key engines: Private Final Consumption Expenditure, Government Final Consumption Expenditure, Gross Fixed Capital Expenditure, Net Exports.
  • GDP calculation: Private consumption + gross investment + government investment + government spending + (exports – imports).

About Gross Value Added (GVA):

  • GVA calculates national income from the supply side.
  • Sum of value added across sectors.
  • GVA of a sector = output value minus intermediary inputs.
  • Indicates robust and struggling sectors in the economy.

Associated Article:

https://universalinstitutions.com/the-growth-based-on-gdp-gva/