Provisional Estimate of Annual National Income 2021-22

 

Annual National Income 2021-22: Relevance

• GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

 

NSO UPSC: Context

• Recently, National Statistical Office (NSO) has released the Provisional Estimates (PE) of National Income, 2021-22 as well as Quarterly Estimates of GDP for the quarter January-March (Q4), 2021-22.
  • Also, Controller General of Accounts (CGA) has released the revenue-expenditure data for 2021-22.

 

New GDP estimate India: Key points

• Real GDP during 2021-22 is estimated at 8.7 percent as compared to a contraction of 6.6 percent in 2020-21.
• Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of ₹ 236.65 lakh crore, as against ₹ 198.01 lakh crore in 2020-21, showing a growth rate of 19.5 percent.
• Gross Value Addition (GVA) at basic prices grew at 8.1% in 2021-22.
• GDP at Constant (2011-12) Prices in Q4 2021-22 is estimated at ₹ 40.78 lakh crore, as against ₹ 39.18 lakh crore in Q4 2020-21, showing a growth of 4.1 percent.
• Fiscal deficit stood at 6.7% of GDP as against the revised estimate of 6.9%.

 

 

About NSO

• About: The government has formed an overarching body NSO by merging the National Sample Survey Office (NSSO), Computer Centre and Central Statistical Office (CSO).
  • NSO was first envisaged by Rangarajan Commission to implement and maintain statistical standards and coordinate statistical activities of Central and State agencies as laid down by the National Statistical Commission (NSC).
  • NSO would be headed by Secretary (Statistics and Programme Implementation).
  • CSO coordinates the statistical activities in the country and also evolves statistical standards.
  • NSSO is responsible for the conduct of large scale sample surveys in diverse fields on an all India basis.
• Parent Ministry: It is the statistical wing of the Ministry of Statistics and Programme Implementation (MoSPI).

 

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