JAIIB · IEIFS

AN OVERVIEW OF INDIAN ECONOMY

Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Indian Economy and Indian Financial System — JAIIB.

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What is the base year currently used for calculating India's GDP at constant prices?

India uses 2011-12 as the base year for calculating GDP at constant prices, as revised by the Central Statistics Office (CSO).

What is the difference between GDP at market prices and GDP at factor cost?

GDP at factor cost excludes net indirect taxes from market price GDP.

Which body is responsible for releasing India's national income estimates?

The National Statistical Office (NSO), formerly the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI), releases India's national income estimates.

What does the term 'value added' mean in the context of national income accounting?

Value added is output value minus intermediate input cost at each production stage.

What does the term 'Gross Domestic Product' measure?

GDP measures the total monetary value of all final goods and services produced within the geographical boundaries of a country during a specific period, regardless of the nationality of producers.

What is the difference between real GDP and nominal GDP?

Real GDP adjusts for inflation; nominal GDP is measured at current prices.

How does Gross National Product (GNP) differ from GDP?

GNP equals GDP plus net factor income from abroad (income earned by residents overseas minus income earned by foreigners within the country), reflecting the output of a nation's residents irrespective of location.

What is the Green GDP concept and why is it important?

Green GDP deducts environmental degradation costs from conventional GDP figures.

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