The National Statistical Office (NSO), a division of the Ministry of Statistics and Programme Implementation, has released its First Advance Estimates (FAE) of national income for the financial year 2022-23 at both constant (2011-12) and current prices.

• These estimates, which serve as essential inputs for the budgeting process, are based on limited data and compiled using the Benchmark-Indicator Method.
• This involves extrapolating the estimates from the previous year using relevant indicators that reflect the performance of various sectors.

Gross Domestic Product (GDP)

• Real GDP, or GDP at constant (2011-12) prices, is estimated to be ?157.60 lakh crore in 2022-23, compared to the provisional estimate of ?147.36 lakh crore for the previous year. This reflects a growth rate of 7.0% in 2022-23, down from 8.7% in 2021-22.
• Nominal GDP, or GDP at current prices, is estimated to be ?273.08 lakh crore in 2022-23, compared to the provisional estimate of ?236.65 lakh crore for the previous year. This reflects a growth rate of 15.4% in 2022-23, down from 19.5% in 2021-22.