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GDP Constant Prices
Majority of the Macro-economic aggregates are reported in Current and Constant prices, except for few aggregates, which are measured only in Current prices
Current price series are influenced by the effects of inflation. Constant price series are used to measure the true volume growth, i.e. adjusting for the effects of price inflation. GDP at constant prices is also known as "real GDP", and it contrasts with "nominal GDP" (GDP at current prices), which is affected by inflation
GDP series at Constant Prices is important as it allows for a more accurate comparison of economic performance across different time periods, by removing price changes
To calculate constant prices, "current" data is adjusted using a specific base year data to remove the impact of price changes. At present the base year 2011-12 is used In India
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Table below captures trend in GDP at Constant Prices. During 2023-24, GDP at 2011-12 Constant Prices was Rs 176.5 lakh crore (same as Rs trillion), compared to GDP at Current Prices of Rs 301.2 lakh crore (Rs trillion)
Since 2011-12 is the Base Year, GDP at Constant Prices is same as GDP at Current Prices for this year, Rs 87.4 lakh crore (Rs trillion). The effects of yearly inflation make the subsequent GDP at Current Prices progressivly higher than GDP at Constant Prices
| Year | GVA at basic prices | Taxes on Product including import duties | Less Subsidies on Products | GDP at Constant 2011-12 Prices | GDP Growth Real pct |
|---|---|---|---|---|---|
| 2023-24 | 161.5 | 18.8 | -3.8 | 176.5 | 9.2 |
| 2022-23 | 148.8 | 17.4 | -4.5 | 161.6 | 7.6 |
| 2021-22 | 138.8 | 15.8 | -4.3 | 150.2 | 9.7 |
| 2020-21 | 126.9 | 13.7 | -3.6 | 136.9 | -5.8 |
| 2019-20 | 132.4 | 15.6 | -2.6 | 145.3 | 3.9 |
| 2018-19 | 127.3 | 15.0 | -2.4 | 139.9 | 6.5 |
| 2017-18 | 120.3 | 13.5 | -2.4 | 131.4 | 6.8 |
| 2016-17 | 113.3 | 12.4 | -2.6 | 123.1 | 8.3 |
| 2015-16 | 104.9 | 11.5 | -2.7 | 113.7 | 8.0 |
| 2014-15 | 97.1 | 10.9 | -2.8 | 105.3 | 7.4 |
| 2013-14 | 90.6 | 10.1 | -2.7 | 98.0 | 6.4 |
| 2012-13 | 85.5 | 9.6 | -2.9 | 92.1 | 5.5 |
| 2011-12 | 81.1 | 8.9 | -2.6 | 87.4 |
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