GROSS STATE DOMESTIC PRODUCT (GSDP)
Gross State Domestic Product (GSDP) or State Income is the most important indicator for measuring the economic growth of a State. Gross State Domestic Product (GSDP) is a measure in monetary terms, the sum total volume of all finished goods and services produced during a given period of time, usually a year, within the geographical boundaries of the State, accounted without duplication.
Importance of State Domestic Product
The State Domestic Product (SDP) or State Income is the most important indicator for measuring the economic growth of a State. These estimates of economy, over a period of time, reveal the extent and direction of the changes in the levels of economic development. The State Domestic Product is classified under three broad sectors such as Primary sector, Secondary sector and Tertiary sector and is compiled economic activity wise as per the methodology prescribed by the Central Statistics Office (CSO), GOI and furnished to the Ministry of Statistics and Programme Implementation (MOSPI).
The Per Capita Income represents the standard of living of residents of a State. These estimates not only serve as an indicator to assess the status of the economy among the States in the country but also throw light on the overall impact of various developmental programmes implemented by the Government.
The Finance Department prepares a macroeconomic frame work statement and fiscal policy statement, every year, using the SDP estimates for placing before the Legislature during Budget Sessions as part of Fiscal Responsibility and Budget Management (FRBM) Act, 2005. The calendar for release of GSDP estimates is given hereunder:
Calendar for Release of Gross State Domestic Product (GSDP) Estimates:
| Sl.No | Release of estimates | Date of release |
|---|---|---|
| 1 | Advance Estimates (AE) | 7th March |
| 2 | First Revised Estimates and Revision of Previous Estimates (SRE) | 7th March |
| 3 | Third Revised Estimates (TRE) | 7th March |
| 4 | Provisional Estimates | 20th July |
