GDP of India

 India's GDP growth current situation and future

What is GDP

GDP is a special type of system in which you can see the practical ups and downs of the entire nation and we call it (Gross Domestic Product).

What is the importance of India's GDP

 India is a domestic producer of more than 60% of its domestic products and India is the fifth largest consumer in the world and is a ninth exporting country. Indian GDP shares with you how the economy of the country is.also share you in recession or not It is very important for the common man and the administration to know why GDP is important because it makes it easier to understand the economic system of the country. 

What is the current status of India's GDP

In the current situation, the GDP i.e. Gross Domestic Product from the financial year 2023 was seen to be 2024 with an increase of 7.6%. An upswing was seen in the economy of India in which 7.6% growth was seen in the financial year 2022-23.

After their great success of 10.7% in the construction sector, India is expected to achieve 9.5% growth in the manufacturing sector after the GDP growth in the third quarter of 2030 to 24. 

The National Statistical Office (NSO), Ministry has released the Second Advance Estimates (SAE) for 2023-24. GDP in the third quarter of 2023-24 October-December i.e. the third month

A)First Revised Estimates 2022-23

B)Second Revised Estimates 2021-22

C)Third Revised Estimates 2020-21

All estimates are made as per National Accounts (2011-12) and are at current prices. Furthermore, the practice of deriving TRA as per SRE is considered final and hence the 2020-21 TRA and 2021-21 TRA have been discontinued. 22

What is real GDP

There are world economists in countries around the world who study the GDP of countries and invest in them.

What type of GDP

Real GDP

Real GDP at constant (2011-12) prices is to be achieved in 2023-24 at ₹172.90 lakh crore while GDP for the year 2022-23 is at ₹160.71 lakh crore and GDP growth during 2023-24 is at 7.6 per cent.

What is nominal GDP

Nominal GDP growth rate number is very important for investors who invest for short term.

Nominal GDP

2023-24 Current price estimated is ₹293.89 lakh corore

Against 2022-23 estimated prices 269.51

In 2022-23And showing growth rate 9.1% 

Second advance estimates of national income 2023-24 Quarterly estimate of GDP for the third quarter Oct-Dec 2023/24

The second advanced estimate of national income 2020-24 as you know quarterly estimate of GDP for the third quarter OCT-dec of 2023/24 Q3 at both constant 2011/12 and current price are given

Apart from the quarterly April December estimates of 2023-24, the gross value added for the years 2021-22, 23 and 24 at constant 2011-12 and current prices based on the types of economic activity and those components of GDP. Estimates of gross/net national income and per capita income along with gross value added (GVA) at basic prices based on components are mentioned in Statements 1A to 12A given at the end of this part of the press note.

2023/24 GDP at constant (2011-12) prices is estimated at ₹172-89 lakh crore. FY22-23 GDP Revised Estimate (FRE) is ₹160.70 lakh crore. GDP growth during 2022/24 is 22/23. compared to 7.0

Nominal GDP at prices is estimated to be ₹293.91 lakh crore in 2023/24 and GDP FRE in 2022/23 is estimated to be ₹269.50 lakh crore. GDP growth in 2023/24 is expected to be 9.1% compared to 14.2% in 2022-23. 

Abbreviation- There has been a recession in the countries but India's GDP growth of 8.5% is being seen this quarter.