India's real GDP to grow at 7 pc in FY23: First Advance Estimates
Jan 06, 2023
New Delhi [India], January 6 : India's growth in real gross domestic product (GDP) during 2022-23 is estimated at 7 per cent compared to 8.7 per cent in 2021-22.
Real GDP or GDP at Constant (2011-12) prices in the year 2022-23 is estimated at Rs 157.60 lakh crore as against the provisional estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore released on May 31, 2022.
According to 'First Advance Estimates of National Income, 2022-23' released by National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, the growth in nominal GDP during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22.
Nominal GDP or GDP at current prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the provisional estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore released on May 31, 2022.
The release said the sector-wise estimates have been compiled using indicators like index of industrial production (IIP), financial performance of listed companies in the private corporate sector available for the first quarter and second quarter of 2022-23, crop production targets and first advance estimates of crop production for 2022-23, production targets for 2022-23 and production estimates of major livestock products for summer season of 2022-23.
Among these indicators were fish production, production or consumption of cement and steel, net tonne-kilometres and passenger km for railways, passenger and cargo traffic handled by civil aviation, cargo traffic handled at major seaports, sales of commercial vehicles, bank deposits and credits, accounts of central and state governments, others, available for first 7-8 months of the financial year 2022-23.
The statement also added the total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.
The Budget Estimates of tax revenue for 2022-23, as available on Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) websites have been used for estimating taxes on products at current prices, it added.
Nominal GDP is the gross domestic product without any effect of inflation. Real GDP is the inflation-adjusted GDP of a country. The nominal GDP of a country is expressed in terms of current-year prices of goods and services.
