What is the estimated Nominal GDP or GDP at Current Prices for India in the year 2023- 24 as per NSSO?

The correct answer is ₹296.58 lakh crore.

Key Points

• The estimated Nominal GDP or GDP at Current Prices for India for the year 2023-24 is ₹296.58 lakh crore as per the National Statistical Office (NSO).
• Nominal GDP represents the market value of all final goods and services produced in a country in a given period, evaluated at current market prices.
• The NSO, under the Ministry of Statistics and Programme Implementation (MoSPI), is responsible for calculating and releasing GDP estimates in India.
• The growth in Nominal GDP is indicative of the overall economic performance and health of the country.
• The GDP figures are crucial for policy formulation, economic planning, and analysis by the government and other stakeholders.

Additional Information

• Gross Domestic Product (GDP)
  • GDP is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
  • It includes consumption, government spending, investments, and net exports (exports minus imports).
  • GDP can be measured using three approaches: production (or output), expenditure, and income.
  • Real GDP is adjusted for inflation, whereas Nominal GDP is not.
• National Statistical Office (NSO)
  • The NSO is responsible for conducting large-scale sample surveys in diverse fields on an all-India basis.
  • It releases various statistical data including GDP, industrial production, employment, and inflation.
  • The NSO operates under the Ministry of Statistics and Programme Implementation (MoSPI).
  • It aims to provide reliable and timely data for informed policy-making and economic planning.
• Economic Growth
  • Economic growth is measured by the increase in a country’s output of goods and services.
  • It is usually measured as the percentage increase in real GDP.
  • Sustainable economic growth depends on several factors including investment in human capital, innovation, and infrastructure.
  • High economic growth rates can lead to increased employment opportunities and improved living standards.
• Inflation
  • Inflation is the rate at which the general level of prices for goods and services is rising and subsequently eroding purchasing power.
  • It is measured by indices such as the Consumer Price Index (CPI) and the Wholesale Price Index (WPI).
  • Moderate inflation is considered to be a sign of a growing economy, while hyperinflation can be detrimental.
  • Central banks often use monetary policies to control inflation and stabilize the economy.