1st to 10th January 2024 - FIRST ADVANCE ESTIMATES OF NATIONAL INCOME 2023-24.

Question 1

What is the estimated real GDP growth rate for India in 2023-24?

Answer 1

7.3%

Question 2

What is the projected nominal GDP growth rate for India in 2023-24?

Answer 2

8.9%

Question 3

What is the expected value of India’s real GDP in 2023-24 (at constant 2011-12 prices)?

Answer 3

₹171.79 lakh crore

Question 4

What is the estimated value of India’s nominal GDP in 2023-24 (at current prices)?

Answer 4

₹296.58 lakh crore

Question 5

Did the estimated real GDP growth rate for 2023-24 increase or decrease compared to 2022-23?

Answer 5

Increase (7.2% in 2022-23 vs. 7.3% in 2023-24)

Question 6

Did the projected nominal GDP growth rate for 2023-24 increase or decrease compared to 2022-23?

Answer 6

Decrease (16.1% in 2022-23 vs. 8.9% in 2023-24)

Question 7

Is India’s economy considered resilient in the face of global challenges according to the First Advance Estimates?

Answer 7

Yes, the report mentions resilience despite global headwinds and geopolitical uncertainties.

Question 8

Which sectors are anticipated to drive the majority of India’s economic growth in 2023-24?

Answer 8

Manufacturing and construction

Question 9

Is the agriculture sector expected to grow significantly in 2023-24?

Answer 9

No, the estimates suggest a potential slowdown in the agriculture sector

Question 10

What does “real GDP” mean?

Answer 10

“Real GDP” refers to GDP adjusted for inflation, measuring the actual volume of goods & services produced in an economy.

Question 11

What does “nominal GDP” mean?

Answer 11

“Nominal GDP” is the GDP calculated at current market prices; it includes the effects of inflation.

Question 12

Which ministry released the First Advance Estimates of National Income 2023-24?

Answer 12

Ministry of Statistics and Programme Implementation (MOSPI)