India’s New GDP Release Time: 4 PM Announcement by Ministry of Statistics
The Ministry of Statistics and Programme Implementation in India has announced a change in the timing for the release of GDP figures. Starting from now, GDP data will be released at 4 PM instead of the previous 5:30 PM. This change aims to give users, media, and the public more time to access the data on the release day.
The new timing aligns with the closing hours of major financial markets in India, ensuring that the release does not interfere with active trading. This adjustment is part of the Ministry’s commitment to transparency and accessibility in data dissemination.
The next GDP estimates for the second quarter of the financial year 2024-25 will be released on November 29, 2024, at 4 PM. The data will be available on the Press Information Bureau’s website and the Ministry’s official website.
India’s Economic Growth
In the April-June quarter, India’s economy grew by 6.7%, which was lower than the Reserve Bank of India’s (RBI) forecast of 7.1%. The RBI has projected a GDP growth of 7.2% for 2024-25, while the International Monetary Fund (IMF) and other global organizations have estimated it at 7.0%.
The Economic Survey presented in Parliament earlier this year projected India’s real GDP growth at 6.5-7% for 2024-25. Real GDP growth is the economic growth adjusted for inflation. India’s GDP grew by 8.2% in the financial year 2023-24, maintaining its status as the fastest-growing major economy.
Doubts Revealed
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country in a year. It helps us understand how well a country’s economy is doing.
Ministry of Statistics and Programme Implementation -: This is a part of the Indian government that collects and shares important data about the country’s economy and other areas. They help in planning and making decisions for the country’s development.
Financial market hours -: These are the times during which the stock market and other financial markets are open for trading. In India, the stock market usually operates from 9:15 AM to 3:30 PM.
RBI -: RBI stands for Reserve Bank of India. It is the central bank of India, which means it manages the country’s money supply and interest rates to keep the economy stable.
IMF -: IMF stands for International Monetary Fund. It is an organization of 190 countries that works to promote global economic stability and growth by providing financial advice and support.