This Press Release is embargoed against publication, telecast or circulation on internet till 5.

30 pm on 6th January, 2023

PRESS NOTE
ON

FIRST ADVANCE ESTIMATES

OF
NATIONAL INCOME 2022-23

NATIONAL STATISTICAL OFFICE

MINISTRY OF STATISTICS & PROGRAMME
IMPLEMENTATION
GOVERNMENT OF INDIA

National
Accounts IS/ ISO 9001: 2015
Division
 1
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 6th January, 2023

GOVERNMENT OF INDIA
MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION

Dated 16 Pausha, 1944 Saka

6th January, 2023
PRESS NOTE

FIRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2022-23

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation
is releasing in this Press Note the First Advance Estimates (FAE) of National Income at both
Constant (2011-12) and Current Prices, for the financial year 2022-23.

2. The First Advance Estimates of GDP, introduced in 2016-17 to serve as essential inputs to
the Budget exercise, is based on limited data and compiled using the Benchmark-Indicator Method
i.e. the estimates available for the previous year (2021-22 in this case) are extrapolated using relevant
indicators reflecting the performance of sectors.

3. Estimates of Gross/Net National Income and Per Capita Income along with GVA at Basic
Prices by kind of economic activity and the Expenditure Components of GDP for the years 2020-21,
2021-22 and 2022-23 at Constant (2011-12) and Current Prices are given in Statements 1 to 4.

4. Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at ₹157.60
lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of ₹147.36 lakh crore,
released on 31st May, 2022. The growth in real GDP during 2022-23 is estimated at 7.0 per cent as
compared to 8.7 per cent in 2021-22.

5. Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at ₹273.08 lakh
crore, as against the Provisional Estimate of GDP for the year 2021-22 of ₹236.65 lakh crore,
released on 31st May, 2022. The growth in nominal GDP during 2022-23 is estimated at 15.4 per
cent as compared to 19.5 per cent in 2021-22.

6. The sector-wise estimates have been compiled using indicators like (i) Index of Industrial
Production (IIP), (ii) financial performance of Listed Companies in the Private Corporate sector
available for Q1 and Q2 2022-23, (iii) Crop production targets and First Advance Estimates of Crop
Production for 2022-23, (iv) Production targets for 2022-23 and production estimates of Major
Livestock Products for summer season of 2022-23, (v) Fish Production, (vi) Production/
Consumption of Cement and Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for
Railways, (viii) Passenger and Cargo traffic handled by Civil Aviation, (ix) Cargo traffic handled at
Major Sea Ports, (x) Sales of Commercial Vehicles, (xi) Bank Deposits & Credits, (xii) Accounts
of Central & State Governments, etc., available for first 7-8 months of the financial year 2022-23.
Percentage changes in the main indicators used in the estimation are given in the Annexure.

National
Accounts IS/ ISO 9001: 2015
Division
 2
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 6th January, 2023

7. The total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.
The Budget Estimates of tax revenue for 2022-23, as available on Controller General of Accounts
(CGA) and Comptroller and Auditor General of India (CAG) websites have been used for estimating
taxes on products at current prices. For compiling taxes on products at constant prices, volume
extrapolation is done using volume growth of taxed goods and services. The total product subsidies
were compiled using the latest information on major subsidies viz. Food, Urea, Petroleum and
Nutrient based subsidy as available on CGA website and the expenditure incurred on subsidies by
most States upto November, 2022 as available on CAG website along with the Centre/State-wise BE
provision for 2022-23. Information available on Revenue expenditure, Interest payments, Subsidies
etc. based on detailed analysis of budget documents of Centre and States for 2022-23 were also put
to use for estimating Government Final Consumption Expenditure (GFCE).

8. However, these are early projections for 2022-23. Improved data coverage, actual tax
collections and expenditure incurred on subsidies, data revisions made by source agencies etc. would
have a bearing on subsequent revisions of these estimates. The First Revised Estimates for 2021-22
(benchmark year), due for release on 28.02.2023, may also lead to revision in growth rates reflected
in FAE. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course,
as per the release calendar. Users should take this into consideration when interpreting the figures.

9. The Second Advance Estimates of National Income for the year 2022-23 and quarterly GDP
estimates for the quarter October-December, 2022 (Q3 2022-23), alongwith First Revised, Second
Revised and Third Revised Estimates of National Accounts for the years 2021-22, 2020-21 and 2019-
20 respectively will be released on 28.02.2023.

******

National
Accounts IS/ ISO 9001: 2015
Division
 3
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 6th January, 2023

Statement 1: First Advance Estimates of National Income and Expenditure Components of GDP, 2022-23
(at 2011- 12 Prices)
(₹ crore)
Percentage Change
2020-21 2021-22 2022-23
S.No. Item Over Previous Year
(1st RE) (PE) (FAE)
2021-22 2022-23
Domestic Product
1 GVA at Basic Prices 1,25,85,074 1,36,05,474 1,45,18,673 8.1 6.7
2 Net Taxes on Products 9,73,400 11,30,041 12,41,690 16.1 9.9
3 Gross Domestic Product (GDP) 1,35,58,473 1,47,35,515 1,57,60,363 8.7 7.0
4 Net Domestic Product (NDP) 1,17,26,198 1,27,54,679 1,36,46,573 8.8 7.0
Expenditure Components
Private Final Consumption
5 77,63,734 83,77,854 90,21,583
Expenditure (PFCE)
Government Final Consumption
6 15,37,603 15,77,132 16,26,279
Expenditure (GFCE)
Gross Fixed Capital Formation
7 41,31,279 47,84,054 53,35,627
(GFCF)
8 Change in Stocks (CIS) -11,573 1,87,937 1,92,083
9 Valuables 2,07,980 2,95,046 2,96,195
10 Exports 25,53,683 31,74,844 35,70,297
11 Imports 28,62,871 38,78,193 46,88,642
12 Discrepancies 2,38,638 2,16,842 4,06,943
13 GDP 1,35,58,473 1,47,35,515 1,57,60,363
Share in GDP(%)
Private Final Consumption
14 57.3 56.9 57.2
Expenditure (PFCE)
Government Final Consumption
15 11.3 10.7 10.3
Expenditure (GFCE)
Gross Fixed Capital Formation
16 30.5 32.5 33.9
(GFCF)
17 Change in Stocks (CIS) -0.1 1.3 1.2
18 Valuables 1.5 2.0 1.9
19 Exports 18.8 21.5 22.7
20 Imports 21.1 26.3 29.7
21 Discrepancies 1.8 1.5 2.6
22 GDP 100.0 100.0 100.0
National Products
23 Gross National Income (GNI) 1,33,68,279 1,45,00,812 1,54,61,721 8.5 6.6
24 Net National Income (NNI) 1,15,36,004 1,25,19,976 1,33,47,932 8.5 6.6
Per Capita Income, Product and Final Consumption
25 Population* (in million) 1355 1369 1383
26 Per Capita GDP (₹) 1,00,032 1,07,670 1,13,967 7.6 5.8
27 Per Capita GNI (₹) 98,629 1,05,955 1,11,807 7.4 5.5
28 Per Capita NNI (₹) 85,110 91,481 96,522 7.5 5.5
29 Per Capita PFCE (₹) 57,279 61,215 65,237 6.9 6.6
RE: Revised Estimates; PE: Provisional Estimates; FAE: First Advance Estimates
* Relates to mid-financial year

National
Accounts IS/ ISO 9001: 2015
Division
 4
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 6th January, 2023

Statement 2: First Advance Estimates of National Income and Expenditure Components of GDP, 2022-23
(at Current Prices)
(₹ crore)
Percentage Change
2020-21 2021-22 2022-23
S.No. Item Over Previous Year
(1st RE) (PE) (FAE)
2021-22 2022-23
Domestic Product
1 GVA at Basic Prices 1,80,57,810 2,13,49,399 2,47,26,215 18.2 15.8
2 Net Taxes on Products 17,43,104 23,15,238 25,81,537 32.8 11.5
3 GDP (1+2) 1,98,00,914 2,36,64,637 2,73,07,751 19.5 15.4
4 NDP 1,74,60,845 2,08,98,019 2,41,03,540 19.7 15.3
Expenditure Components
Private Final Consumption
5 1,20,32,762 1,40,95,405 1,63,98,403
Expenditure (PFCE)
Government Final Consumption
6 23,93,290 26,33,867 29,28,406
Expenditure (GFCE)
Gross Fixed Capital Formation
7 52,64,073 67,59,790 79,71,209
(GFCF)
8 Change in Stocks (CIS) -11,764 2,18,170 2,44,203
9 Valuables 2,71,414 4,01,686 4,30,140
10 Exports 37,04,533 50,63,885 62,10,928
11 Imports 37,81,273 56,53,892 74,77,458
12 Discrepancies -72,123 1,45,725 6,01,921
13 GDP 1,98,00,914 2,36,64,637 2,73,07,751
Share in GDP(%)
Private Final Consumption
14 60.8 59.6 60.1
Expenditure (PFCE)
Government Final Consumption
15 12.1 11.1 10.7
Expenditure (GFCE)
Gross Fixed Capital Formation
16 26.6 28.6 29.2
(GFCF)
17 Change in Stocks (CIS) -0.1 0.9 0.9
18 Valuables 1.4 1.7 1.6
19 Exports 18.7 21.4 22.7
20 Imports 19.1 23.9 27.4
21 Discrepancies -0.4 0.6 2.2
22 GDP 100.0 100.0 100.0
National Products
23 GNI 1,95,34,226 2,32,96,345 2,67,99,146 19.3 15.0
24 NNI 1,71,94,158 2,05,29,727 2,35,94,934 19.4 14.9
Gross National Disposable
25 2,00,86,415 2,38,78,138 2,74,13,340 18.9 14.8
Income (GNDI)
Net National Disposable Income
26 1,77,46,346 2,11,11,520 2,42,09,128 19.0 14.7
(NNDI)
Per Capita Income, Product and Final Consumption
27 Per Capita GDP (₹) 1,46,087 1,72,913 1,97,468 18.4 14.2
28 Per Capita GNI (₹) 1,44,120 1,70,222 1,93,790 18.1 13.8
29 Per Capita NNI (₹) 1,26,855 1,50,007 1,70,620 18.3 13.7
30 Per Capita GNDI (₹) 1,48,194 1,74,473 1,98,232 17.7 13.6
31 Per Capita PFCE (₹) 88,775 1,02,992 1,18,580 16.0 15.1

National
Accounts IS/ ISO 9001: 2015
Division
 5
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 6th January, 2023

Statement 3: First Advance Estimates of GVA at Basic Prices by Economic Activity (at 2011- 12 Prices)
(₹ crore)
Percentage Change
2020-21 2021-22 2022-23
Industry Over Previous Year
(1st RE) (PE) (FAE)
2021-22 2022-23
1. Agriculture, Forestry & Fishing 20,48,032 21,09,697 21,82,582 3.0 3.5
2. Mining & Quarrying 2,94,024 3,27,984 3,35,810 11.5 2.4
3. Manufacturing 22,47,740 24,70,822 25,09,366 9.9 1.6
4. Electricity, Gas, Water Supply & Other Utility
Services 2,89,771 3,11,598 3,39,660 7.5 9.0
5. Construction 9,62,835 10,73,595 11,71,315 11.5 9.1
6. Trade, Hotels, Transport, Communication &
Services related to Broadcasting 21,47,679 23,85,605 27,12,235 11.1 13.7
7. Financial, Real Estate & Professional Services 29,61,910 30,87,360 32,84,130 4.2 6.4
8. Public Administration, Defence & Other
Services* 16,33,081 18,38,814 19,83,575 12.6 7.9
GVA at Basic Prices 1,25,85,074 1,36,05,474 1,45,18,673 8.1 6.7
RE: Revised Estimates; PE: Provisional Estimates; FAE: First Advance Estimates
* Public Administration, Defence & Other Services category includes the Other Services sector i.e. Education, Health,
Recreation, and other personal services

Statement 4: First Advance Estimates of GVA at Basic Prices by Economic Activity (at Current Prices)
(₹ crore)
Percentage Change
2020-21 2021-22 2022-23
Industry Over Previous Year
(1st RE) (PE) (FAE)
2021-22 2022-23
1. Agriculture, Forestry & Fishing 36,09,494 39,80,067 44,77,171 10.3 12.5
2. Mining & Quarrying 3,24,980 5,13,076 7,05,034 57.9 37.4
3. Manufacturing 27,09,435 33,07,315 35,74,404 22.1 8.1
4. Electricity, Gas, Water Supply & Other Utility
Services 5,07,352 5,86,679 7,58,959 15.6 29.4
5. Construction 13,15,608 17,19,098 20,04,178 30.7 16.6
6. Trade, Hotels, Transport, Communication &
Services related to Broadcasting 28,66,393 35,28,896 43,88,212 23.1 24.4
7. Financial, Real Estate & Professional Services 40,45,760 45,43,303 51,98,108 12.3 14.4
8. Public Administration, Defence & Other
Services 26,78,787 31,70,966 36,20,148 18.4 14.2
GVA at Basic Prices 1,80,57,810 2,13,49,399 2,47,26,215 18.2 15.8

National
Accounts IS/ ISO 9001: 2015
Division
 6
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm on 6th January, 2023

Annexure
Percentage Change in Main Indicators

S. No. Indicators 2021-22 2022-23 Data Available Upto

1 Production of Rice 6.2 -6.1 FAE of Crop Production

2 Production of Coal 11.5 17.2 November
3 Production of Crude Oil -2.7 -1.4 November
4 Production of Cement 28.2 10.8 November
5 Consumption of Steel 17.3 11.5 December
6 Total Telephone Subscribers 1.5 -1.6 October
7 Sales of Commercial Vehicles 64.7 67.7 September
8 Purchase of Private Vehicles -0.9 24.8 November
9 Cargo Handled at Major Sea Ports 12.0 8.7 November
10 Cargo Handled at Airports 45.3 1.6 November
11 Passengers Handled at Airports 117.2 93.2 November
12 Railways
(i) Net Tonne Kilometers 28.0 13.1 November
(ii) Passenger Kilometers 382.8 78.0 November
13 Aggregate Bank Deposits 10.0 8.9 October
14 Aggregate Bank Credits 6.9 17.0 October
Revenue Expenditure less Interest
15 2.7 3.7 November
Payment and Subsidies (Centre)
16 Export of Goods & Services 40.3 29.4 September
17 Import of Goods & Services 62.5 47.4 September
18 CPI General Index 5.2 6.9 November
19 IIP
(i) Mining 20.5 4.0 October
(ii) Manufacturing 21.8 5.0 October
(iii) Electricity 11.3 9.4 October
(iv) Metallic Minerals 52.8 -6.5 October
20 WPI
(i) Food Articles 1.7 9.6 November
(ii) Minerals 17.6 6.7 November
(iii) Manufactured Products 11.4 7.6 November
(iv) All Commodities 12.5 12.3 November

National
Accounts IS/ ISO 9001: 2015
Division