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 |
