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

Correct option is D

The Correct Answer is: (d) ₹296.58 lakh crore

Explanation:
According to the First Revised Estimates released by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI), India’s Nominal GDP at Current Prices for the financial year 2023–24 is estimated at ₹296.58 lakh crore. Nominal GDP includes the impact of inflation and is measured at current market prices. This estimate reflects India’s economic growth along with price-level changes during the period.

Information Booster:
• Nominal GDP includes both real output and price level changes (inflation).
• India’s GDP at constant prices (real GDP) for 2023–24 is estimated at ₹173.82 lakh crore.
• The GDP growth rate for 2023–24 at constant prices is projected to be around 7.6%.
• The NSO releases GDP estimates in four stages: Advance Estimates, Provisional Estimates, First Revised, and Final.
• These estimates help in budget planning, policy formulation, and macroeconomic analysis.
• Nominal GDP is crucial for calculating fiscal deficit and debt-to-GDP ratio.