Summary of Ministry of Statistics & Programme Implementation Announcement

• The Indian economy showed resilience with a robust 7.6% GDP growth in FY 2023-24 compared to 7% in FY 2022-23.
• Construction sector had a double-digit growth rate of 10.7%, while manufacturing sector saw 8.5% growth.
• Real GDP grew by 8.4% in Q3 FY 2023-24 primarily driven by manufacturing and construction sectors.
• Second Revised Estimate (SRE) of 2021-22 and Third Revised Estimate (TRE) of 2020-21 are considered Final Estimates for those years.

Important Figures and Dates

• 7.6% - GDP growth rate in FY 2023-24.
• 10.7% - Growth rate of the Construction sector.
• 8.5% - Growth rate of the Manufacturing sector.
• 31st May, 2024 - Next release date for quarterly GDP estimates for Q4 2023-24 and Provisional Estimates of National Income for 2023-24.

Potential Exam Questions:

• What was the GDP growth rate in India for FY 2023-24 according to the Ministry of Statistics & Programme Implementation?
• Explain the significance of the Construction and Manufacturing sectors in driving the Indian economy in FY 2023-24.
• Why are Second Revised Estimates (SRE) and Third Revised Estimates (TRE) important in the context of National Income estimation?

Overview:

The Ministry of Statistics & Programme Implementation's announcement highlights the positive economic growth in India and the key sectors contributing to this growth. Understanding GDP estimates and revisions is crucial for assessing the health of the economy.

Key Takeaways:

• Indian economy showcased strong growth at 7.6% in FY 2023-24, backed by construction and manufacturing sectors.
• Revised Estimates play a vital role in finalizing national income figures and are essential for policy decisions.
• Upcoming GDP estimates in May 2024 will provide further insights into the economic trajectory for the year.