Second advance estimates of national income

National Statistical Office (NSO) under ‘Ministry of Statistics and Programme Implementation’ released the Second Advance Estimates (SAE) of National Income, 2021-22 and Quarterly Estimates of GDP for October-December quarter (Q3), 2021-22.

Key facts

• In the year 2021-22, the Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices is estimated to reach Rs 147.72 lakh crore, as opposed to First Revised Estimate of GDP for 2020-21 of Rs 58 lakh crore.
• Growth in GDP during 2021-22 is estimated at 8.9 percent, against a contraction of 6.6 percent in 2020-21.
• GDP at Current Prices or nominal GDP in the year 2021-22 is estimated reach Rs44 lakh crore, as compared to Rs 198.01 lakh crore in 2020-21. It shows a growth rate of 19.4 percent.
• GDP at Constant (2011-12) Prices in 2021-22 Q3 is estimated at Rs 22 lakh crore, as compared to 36.26 lakh crore in 2020-21 Q3. It shows a growth of 5.4 percent.

Compilation of advance estimates

Advance Estimates of National Income are compiled using benchmark-indicator method, that is estimates available for previous year referred to as benchmark year are concluded using relevant indicators reflecting performance of sectors.

Sector-wise estimates

Sector-wise estimates have been compiled using indicators such as:

1. Index of Industrial Production (IIP)
2. Financial performance of Listed Companies in Private Corporate Sector, up to December, 2021
3. Second Advance Estimates of crop production
4. Production of major livestock products in Rainy season
5. Accounts of Central & State Governments
6. Bank Deposits & Credits
7. Net Tonne Kilometres and Passenger Kilometres for Railways
8. Passengers and Cargo handled by Civil Aviation
9. Cargo handled at Major Sea Ports
10. Sales of Commercial Vehicles

Total Tax revenue

Total tax revenue used for GDP compilation includes GST revenue and non-GST revenue.

National Statistical Office (NSO)

The National Statistical Office (NSO) was created by merging National Sample Survey Office (NSSO), Computer Centre and Central Statistical Office (CSO). It was first envisaged by Rangarajan Commission for implementing and maintaining statistical standards and coordinate statistical activities of state as well as central agencies. It is headed by Secretary of Statistics and Programme Implementation.

Month: Current Affairs - March, 2022

Category: Economy & Banking Current Affairs