India’s GDP growth rate for Q1-FY 2023-24 at 7.8 per cent (Highest in four quarters)
Estimates of Gross Domestic Product for the First Quarter (April-June) of 2023-24
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation is releasing in this Press Note the estimates of Gross Domestic Product (GDP) for the April-June quarter (Q1) of 2023-24, both at Constant (2011-12) and Current Prices.
2. Quarterly estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity and 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 Q1 2023-24 is estimated to attain a level of ₹ 40.37 lakh crore, as against ₹ 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8 percent as compared to 13.1 percent in Q1 2022-23.
4. Nominal GDP or GDP at Current Prices in Q1 2023-24 is estimated at ₹ 70.67 lakh crore, as against ₹ 65.42 lakh crore in Q1 2022-23, showing a growth of 8.0 percent as compared to 27.7 percent in Q1 2022-23.
5. Quarterly Estimates of GDP are indicator based and are compiled using the benchmark-indicator method, i.e., quarterly estimates available for the previous year referred to as the benchmark year 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 performance of listed companies in the Private Corporate Sector based on available quarterly financial results for these companies, (iii) Crop Production Targets for 2023-24, (iv) Production Targets for Major Livestock Products for 2023-24, (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 and Credits, (xii) Accounts of Central and State Governments, etc., available for Q1 2023-24. Percentage changes in the main indicators used in the estimation are given in the Annexure.
6. Total tax revenue used for GDP compilation includes Non-GST Revenue as well as GST Revenue. The latest information available on the website of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products and subsidies 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. Latest available data on the CGA and CAG websites for Revenue Expenditure, Interest Payments, Subsidies etc., was used for estimating Government Final Consumption Expenditure (GFCE).
7. Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures.
8. The next release of quarterly GDP estimates for the quarter July-September, 2023 (Q2 2023-24) will be on 30.11.2023.