India’s GDP is estimated to grow by 7.3%, says NSO

Syllabus: GS-III

Subject: Indian Economy

Topic: Issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.

Context: India’s real GDP growth in 2023-24 is estimated at 7.3%, compared to 7.2% a year ago, as per the National Statistical Office (NSO).

Highlights:

  • Estimates pegs nominal GDP growth at 8.9% compared to the 10.5% Budget estimate.
  • Possibility of fiscal deficit breaching the year’s 5.9% of GDP target and hit around 6%.
  • Share of private final consumption expenditure in GDP is expected to drop this year to the lowest in at least three years at 56.9% from 58.5% in 2022-23.
  • Investment rate is likely to pick up to nearly 30% of GDP
Gross Domestic Product:

It is a monetary measure of the market value of all the final goods and services produced within a country’s borders in a specific time period, usually a year.

GDP= C (Final Consumption) + I (Investment) + G (Government Expenditure) +  X-M (Net Exports)

·           widely used indicator of a country’s economic size and growth rate.

·           The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation releases quarterly data on GDP.

·           Base Year: 2011-12

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