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The 7-6% growth rate registered by Indian economy during the year 2015-16 was based on
  • a)
    Gross National Product at market prices
  • b)
    Gross Value Added at constant prices
  • c)
    Gross Domestic Product at market prices
  • d)
    Gross Domestic Product at constant prices
Correct answer is option 'D'. Can you explain this answer?
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The 7-6% growth rate registered by Indian economy during the year 2015...
  • GDP at market prices: If goods and services produced in a year are valued at prevailing market prices in that particular year called GDP at market prices.
  • GDP at constant prices: If goods and services produced in a year valued at the prices of base year called GDP at constant prices.
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The 7-6% growth rate registered by Indian economy during the year 2015...
Explanation:

The correct answer is option 'D' i.e. Gross Domestic Product at constant prices.

Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within the geographical boundaries of a country during a specific period of time.

The growth rate of the Indian economy during the year 2015-16 was calculated based on the Gross Domestic Product (GDP) at constant prices. Here are some key points to understand the concept:

- Constant prices: GDP can be calculated either at current prices or constant prices. Current price GDP reflects the value of goods and services produced at the prevailing market prices of the year in which they are produced. On the other hand, constant price GDP adjusts for inflation by using a base year's prices as a reference point. This helps to remove the impact of price changes and provides a more accurate picture of real economic growth.

- Real GDP: The GDP at constant prices is also known as the Real GDP. It measures the economic output of a country after adjusting for inflation. Real GDP provides a more accurate picture of economic growth as it removes the impact of price changes.

- Growth rate: The growth rate of the economy is calculated by comparing the Real GDP of the current year with that of the previous year. The difference is expressed as a percentage of the previous year's GDP.

- Benefits of using Real GDP: Real GDP is a better indicator of economic growth as it removes the impact of price changes. It also helps in making international comparisons of economic performance.

In conclusion, the 7-6% growth rate registered by the Indian economy during the year 2015-16 was based on the Gross Domestic Product (GDP) at constant prices.
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The 7-6% growth rate registered by Indian economy during the year 2015-16 was based ona)Gross National Product at market pricesb)Gross Value Added at constant pricesc)Gross Domestic Product at market pricesd)Gross Domestic Product at constant pricesCorrect answer is option 'D'. Can you explain this answer?
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