Our goal is Viksit Bharat and the economy is moving towards Atma Nirbhar Bharat, moving upwards in the trajectory of $10- trillion economy by 2030.
India’s economy expanded by 8.4% in the October-December quarter of FY 24, as per the GDP data released by the Statistics Ministry at 5:30 pm on February 29 for the third quarter of Financial Year 2023-24.
Firstly, how do we calculate GDP growth rate?
There are two ways to calculate the real economic growth rate. Real GDP can be calculated by taking the difference between the most recent year’s real GDP and the prior year’s real GDP. Then, divide this difference by the prior year’s real GDP.
The last Economic Survey pegged India’s GDP growth for fiscal 2023–24 in a broad range of 6-6.8%, depending on the trajectory of economic and political developments globally. The survey’s baseline forecast for real GDP growth is 6.5%. The Economic Survey 2021–22 projected India to grow by 8–8.5%.
Indian Economy–A Review’. The report, which also shares glimpses of the outlook for the economy in the coming years, has been prepared by the office of the CEA V Anantha Nageswaran.
The report ‘Indian Economy—A Review’ says the country will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030. Previous Economic Survey
The last Economic Survey pegged India’s GDP growth for fiscal 2023–24 in a broad range of 6-6.8%, depending on the trajectory of economic and political developments globally. The survey’s baseline forecast for real GDP growth is 6.5%. The Economic Survey 2021–22 projected India to grow by 8–8.5%.
The country’s first Economic Survey was presented in 1950–51. Until 1964, the Economic Survey and the Union Budget were presented together.
The country’s first Economic Survey was presented in 1950–51. Until 1964, the Economic Survey and the Union Budget were presented together.
What are the Second Advance Estimates of National Income, 2023-24 ?
The Quarterly Estimates of Gross Domestic Product for the Third Quarter (October-December), 2023-24 and First Advance Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2022-23
Indian economy remained resilient with robust 7.6% growth rate of GDP in FY 2023-24 over and above 7% growth rate in FY 2022-23
Double-digit growth rate of Construction sector (10.7%), followed by a good growth rate of Manufacturing sector (8.5%) have boosted the GDP growth in FY 2023-24.
On the back of double-digit growth in Manufacturing sector (11.6%) sector, followed by a good growth rate of Construction sector (9.5%), Real GDP grew by 8.4% in Q3 of FY 2023-24.
Second Revised Estimate (SRE) of 2021-22 and Third Revised Estimate (TRE) of 2020-21 are the Final Estimates for the respective years. SRE for 2021-22 onward will be the Final Estimate and TRE for those years will not be released.
The combined Index of Eight Core Industries (ICI) increased by 3.6 per cent (provisional) in January 2024 as compared to the Index of January 2023. The production of Coal, Steel, Cement, Natural Gas, Electricity and Crude Oil recorded positive growth in January 2024.
Now let’s look at the ICI measures for the individual & combined Production & Performance of eight Core Industries…lets have a look in an detailed manner eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
The final growth rate of Index of Eight Core Industries for October 2023 is revised to 12.7 per cent. The cumulative growth rate of ICI during April to January, 2023-24 is 7.7 per cent (provisional) as compared to the corresponding period of last year.
Let me give you all A Brief Summary on Eight Core Industries–
1.Cement – Cement production (weight: 5.37 per cent) increased by 5.6 per cent in January, 2024 over January, 2023. Its cumulative index increased by 9.0 per cent during April to January, 2023-24 over corresponding period of the previous year.
2.Coal – Coal production (weight: 10.33 per cent) increased by 10.2 per cent in January, 2024 over January, 2023. Its cumulative index increased by 12.2 per cent during April to January, 2023-24.
3.Crude Oil – Crude Oil production (weight: 8.98 per cent) increased by 0.7 per cent in January, 2024 over January, 2023. Its cumulative index declined by 0.2 per cent during April to January, 2023-24
4.Fertilizers – Fertilizer production (weight: 2.63 per cent) declined by 0.6 per cent in January, 2024 over January, 2023. Its cumulative index increased by 5.5 per cent during April to January, 2023-24
5.Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 5.5 per cent in January, 2024 over January, 2023. Its cumulative index increased by 5.6 per cent during April to January, 2023-24
6.Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) declined by 4.3 per cent in January, 2024 over January, 2023. Its cumulative index increased by 3.9 per cent during April to January, 2023-24
7.Steel – Steel production (weight: 17.92 per cent) increased by 7.0 per cent in January, 2024 over January, 2023. Its cumulative index increased by 13.1 per cent during April to January, 2023-24
8.Electricity – Electricity generation (weight: 19.85 per cent) increased by 5.2 per cent in January, 2024 over January, 2023. Its cumulative index increased by 6.8 per cent during April to January, 2023-24
Let’s make a Note of one important aspect is that of
Since April 2014, Electricity generation data from Renewable sources are also included.
The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.
Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel.
