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First Advance Estimates of India’s GDP for 2023-24
January 12 , 2024
190 days
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- The First Advance Estimates (FAEs) was released by the government recently.
- India’s GDP will grow by 7.3% in the current financial year (2023-24) is slightly faster than the 7.2% growth in 2022-23.
- The growth in Gross Value Added (GVA) in the economy eases slightly from 7% in 2022-23 to 6.9% this year.
- Nominal GDP growth at 8.9% is compared to the 10.5% Budget estimate.
- This could translate into the fiscal deficit breaching the year’s 5.9% of GDP target to hit around 6%, economists cautioned.
- GVA growth for the farm sector is estimated to more than halve from 4% a year ago to 1.8% this year.
- The FAE are presented at the end of the first week of January every year.
- They are only the first estimates of growth for that financial year.
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