There has been a significant rise in GDP in the last decade .It determines economic growth and productivity of a nation .Continuous rise in GDP.T he rise in GDP is not always having positive outcome as significant rise in GDP leads to less unemployment which may lead to higher increase in price of certain goods.This further leads to more increase in demand than in supply and hence price rises simultaneosly.
The statistic shows GDP in India from 2012 to 2022, with projections up until 2022. In 2018, GDP India was at around 2.69 trillion US dollars. By the end of this year Indian GDP would reach 3.1 trillion US Dollar economy and after 2022 Indian economy would reach 4.2 trillion US Dollar. Indian economy showing the features of a developing economy. As per as capital goods sector is concerned only a small beginning had been made. The industrial development strategy is being re-oriented towards enabling our vibrant private sector to reach its full entrepreneurial potential, to contribute towards production, employment and income generation. All four indicators of industrial sector activity—Purchasing Managers Index, core infrastructure industries growth, except bank lending —have improved. All four industrial indicators have performed better or in line with the long-term five-year trend. Performance of the industrial sector is bettering in the five-year trend is highlighted in green,
Nominal GDP is just one indicator of overall economic situation. According to IMF (International Monetary Fund) UK’s GDP per capita ($40k) is more than 20 times higher than India’s GDP per capita ($1.8k). There are more billionaires in India than in UK , but India is also home to more than 200 million people living below the line of poverty GDP growth is necessary, but not the sufficient indicator for overall economic growth. India may shortly reach 5th in nominal GDP, but currently it ranks 140th in per capita GDP, 131st in Human Development Index, 46th on Innovation Index and 46th in Quality of life GDP increase is admirable, but India needs to continue improving on all these additional parameters too to ensure an inclusive and more meaningful growth.
Nominal GDP is just one indicator of overall economic situation. According to IMF (International Monetary Fund) UK’s GDP per capita ($40k) is more than 20 times higher than India’s GDP per capita ($1.8k). There are more billionaires in India than in UK , but India is also home to more than 200 million people living below the line of poverty GDP growth is necessary, but not the sufficient indicator for overall economic growth. India may shortly reach 5th in nominal GDP, but currently it ranks 140th in per capita GDP, 131st in Human Development Index, 46th on Innovation Index and 46th in Quality of life GDP increase is admirable, but India needs to continue improving on all these additional parameters too to ensure an inclusive and more meaningful growth.
Gross domestic product (GDP) at current prices is GDP at prices of the current reporting period. or in other words the market value of goods and services produced in a country during a year. It is also known as nominal GDP. The statistics shows the GDP at current price from 2012-2022. Over the past decades India’s progress as a country can be ascribed to a global dependency on developed countries around the world which produces the goods and services in cheaper price. The economy of India is structured upon its manufacturing, agriculture and services sector, led to a significant increase of the nation’s GDP per capita. And along with the increase in GDP it also lead to increase in demand of employment and population. Despite experiencing economic gains since the mid 2000s, the Indian economy stagnated around 2012, with a decrease in general growth as well as the value of its currency. India’s Economic Affairs Secetary – Shubhash Chandra said in one of the conferences that “Indian economy is on a stage of "take off" and is expected to be the world's third largest by 2030 with GDP worth USD 10 trillion”. In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, according to the data. Although India does not export an extensive amount of goods, especially when considering the stature of the country, India has remained as one of the world’s largest exporters. Harshal Sareen 18bal016
I have a dissenting opinion as the man(Simon Kuznets) who developed it himself had the view that GDP is not a welfare policy but it is the buying and selling of goods in the market. It can sometimes give a negative reflection of the welfare policy.Actually ,Nominal GDP is the sum-total of all the goods, finished products, services produced during a particular year at the current market price. A nominal gross domestic product can’t compare the intricacies of price and quantity.This is because the price of a good keeps on changing and it is not always that the final output matters. It ignores the effect of inflation that casts a important role in the economy of a country. Stiglitz also pointed out that america's GDP report had gone up consistently yet they have been worsened off and the benefits have mostly gone to the rich and the people at the bottom have not got benefited. GDP is does not work for most people . Others limitations include the environmental abuses that are practiced to increase output and the problem of underground economy that includes the trade of illegal goods.The rise in GDP sometimes actually understates the actual rise in the standard of living. For example, the typical workweek for a US worker has fallen over the last century from about 60 hours per week to less than 40 hours per week. Life expectancy and health have risen, and so has the average level of education. SHIVAM SHUKLA 18BAL057
7 comments:
There has been a significant rise in GDP in the last decade .It determines economic growth and productivity of a nation .Continuous rise in GDP.T he rise in GDP is not always having positive outcome as significant rise in GDP leads to less unemployment which may lead to higher increase in price of certain goods.This further leads to more increase in demand than in supply and hence price rises simultaneosly.
The statistic shows GDP in India from 2012 to 2022, with projections up until 2022. In 2018, GDP India was at around 2.69 trillion US dollars. By the end of this year Indian GDP would reach 3.1 trillion US Dollar economy and after 2022 Indian economy would reach 4.2 trillion US Dollar.
Indian economy showing the features of a developing economy. As per as capital goods sector is concerned only a small beginning had been made. The industrial development strategy is being re-oriented towards enabling our vibrant private sector to reach its full entrepreneurial potential, to contribute towards production, employment and income generation.
All four indicators of industrial sector activity—Purchasing Managers Index, core infrastructure industries growth, except bank lending —have improved. All four industrial indicators have performed better or in line with the long-term five-year trend. Performance of the industrial sector is bettering in the five-year trend is highlighted in green,
Nominal GDP is just one indicator of overall economic situation. According to IMF (International Monetary Fund)
UK’s GDP per capita ($40k) is more than 20 times higher than India’s GDP per capita ($1.8k).
There are more billionaires in India than in UK , but India is also home to more than 200 million people living below the line of poverty
GDP growth is necessary, but not the sufficient indicator for overall economic growth. India may shortly reach 5th in nominal GDP, but currently it ranks 140th in per capita GDP, 131st in Human Development Index, 46th on Innovation Index and 46th in Quality of life
GDP increase is admirable, but India needs to continue improving on all these additional parameters too to ensure an inclusive and more meaningful growth.
Nominal GDP is just one indicator of overall economic situation. According to IMF (International Monetary Fund)
UK’s GDP per capita ($40k) is more than 20 times higher than India’s GDP per capita ($1.8k).
There are more billionaires in India than in UK , but India is also home to more than 200 million people living below the line of poverty
GDP growth is necessary, but not the sufficient indicator for overall economic growth. India may shortly reach 5th in nominal GDP, but currently it ranks 140th in per capita GDP, 131st in Human Development Index, 46th on Innovation Index and 46th in Quality of life
GDP increase is admirable, but India needs to continue improving on all these additional parameters too to ensure an inclusive and more meaningful growth.
Gross domestic product (GDP) at current prices is GDP at prices of the current reporting period. or in other words the market value of goods and services produced in a country during a year. It is also known as nominal GDP.
The statistics shows the GDP at current price from 2012-2022. Over the past decades India’s progress as a country can be ascribed to a global dependency on developed countries around the world which produces the goods and services in cheaper price. The economy of India is structured upon its manufacturing, agriculture and services sector, led to a significant increase of the nation’s GDP per capita. And along with the increase in GDP it also lead to increase in demand of employment and population.
Despite experiencing economic gains since the mid 2000s, the Indian economy stagnated around 2012, with a decrease in general growth as well as the value of its currency. India’s Economic Affairs Secetary – Shubhash Chandra said in one of the conferences that “Indian economy is on a stage of "take off" and is expected to be the world's third largest by 2030 with GDP worth USD 10 trillion”. In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, according to the data.
Although India does not export an extensive amount of goods, especially when considering the stature of the country, India has remained as one of the world’s largest exporters.
Harshal Sareen
18bal016
I have a dissenting opinion as the man(Simon Kuznets) who developed it himself had the view that GDP is not a welfare policy but it is the buying and selling of goods in the market. It can sometimes give a negative reflection of the welfare policy.Actually ,Nominal GDP is the sum-total of all the goods, finished products, services produced during a particular year at the current market price. A nominal gross domestic product can’t compare the intricacies of price and quantity.This is because the price of a good keeps on changing and it is not always that the final output matters. It ignores the effect of inflation that casts a important role in the economy of a country. Stiglitz also pointed out that america's GDP report had gone up consistently yet they have been worsened off and the benefits have mostly gone to the rich and the people at the bottom have not got benefited. GDP is does not work for most people . Others limitations include the environmental abuses that are practiced to increase output and the problem of underground economy that includes the trade of illegal goods.The rise in GDP sometimes actually understates the actual rise in the standard of living. For example, the typical workweek for a US worker has fallen over the last century from about 60 hours per week to less than 40 hours per week. Life expectancy and health have risen, and so has the average level of education.
SHIVAM SHUKLA
18BAL057
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