FIRST ADVANCE ESTIMATES (FAE) OF NATIONAL INCOME

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Context

• The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation released the First Advance Estimates (FAE) of National Income at both Constant (2011-12) and Current Prices, for the financial year 2022-23.

 Must Read Article on National Income: https://www.iasgyan.in/daily-current-affairs/national-income-concepts

About

• The First Advance Estimates of GDP, introduced in 2016-17 to serve as essential inputs to the Budget exercise, is based on limited data and compiled using the Benchmark-Indicator Method e. the estimates available for the previous year (2021-22 in this case) are extrapolated using relevant indicators reflecting the performance of sectors.

Estimates

• Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at ₹157.60 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.0 percent as compared to 8.7 percent in 2021-22.
• Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at ₹273.08 lakh crore. The growth in nominal GDP during 2022-23 is estimated at 15.4 percent as compared to 19.5 percent in 2021-22.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1889192