Centre Slashes Total GDP Estimates From 6 To 5, Discontinues Third Revised Estimate

The government has lowered the number of estimates for GDP to five, as it will discontinue the third revised estimate of GDP, the Ministry of Statistics and Programme Implementation said in a notification on Wednesday. The government releases six GDP estimates at present.

The first advance estimate, the second advance estimate, the provisional estimate, the first revised estimate, the second revised estimate, and the third revised estimate. The advance estimates for a year are released before the end of the financial year, while the provisional estimate is released two months after the end of the financial year.

Estimates reduced to 5

The first revised estimate is released 11 months after the completion of the financial year, and the second advance estimate is released a year and 11 months after the financial year, for which data is due, ends. The third and final revised estimate is released two years and 11 months after the end of the financial year.

By discontinuing the third revised estimate, the government has reduced the timeline to arrive at the final numbers. As such, the government will now release the final GDP numbers for 2023-24 (Apr-Mar) in February 2026, instead of 2027. The National Statistical Office will release the second advance estimates of national income for 2023-24 today, along with the first revised estimate for 2022-23.

NSO will release the second revised estimate

The NSO will also release the second revised estimate for 2021-22 and the third revised estimate for 2020-21. The second revised estimate for 2021-22 and the third revised estimate for 2020-21 will be the final estimates for the respective years, the ministry said in a notification.

After the release of the second revised estimate for 2021-22, the second revised estimate will become the final estimate of GDP and the third revised estimate will not be released. Other than the discontinuation of the third revised estimate, the government has not changed the timeline for the release of other GDP estimates, including the quarterly ones. The government is scheduled to release the Oct-Dec GDP numbers today