The International Monetary Fund (IMF) has released data on India’s Gross Domestic Product (GDP). According to the report, GDP Doubled to $4.2 trillion in a Decade. The data highlighted that India’s GDP at current prices was USD 2.1 trillion in 2015 and is expected to reach USD 4.27 trillion by the end of 2025. This will mark a 100 percent increase in just ten years.

The IMF data also shows that India’s real GDP growth rate for the current year stands at 6.5 percent. This rate indicates a strong and stable expansion of the economy. Real GDP growth refers to the increase in the value of goods and services produced in the country after adjusting for inflation.

The IMF  data stated that the inflation in the country is expected to remain at 4.1 per cent. Inflation remains a key indicator to watch as it affects purchasing power and the cost of living.

Reserve Bank of India had forecasted 7 percent for the first second quarter.

LEARNING FROM HOME/ WITHOUT CLASSES/ BASICS

GROSS DOMESTIC PRODUCT

GDP = C + G +|+ (X-M]

where C= Consumption,

G = Government Spending,

I = Investment, X = Exports, M = Imports

GROSS DOMESTIC PRODUCT at factor cost = Net Value Addition + Depreciation

Nominal Gross Domestic Product calculated on the basis of current prices. While real GDP calculated on the base year prices 

The tertiary sector contributes the most to India’s economy. There are many areas in this sector like the service sector, real estate, hotels and restaurants, telecommunications etc. 

GROSS NATIONAL PRODUCT

GNP = GDP + Net Income from Abroad,

*Net Income from abroad includes net

remittances

NET DOMESTIC PRODUCT

NDP = Gross Domestic Product – Depreciation,

Depreciation also called Consumption

of Fixed Capital (CFC)

NET NATIONAL PRODUCT

NNP = GNP – Depreciation,

“NNP at factor cost also called National Income (NI)

3 methods used for calculating national income namely; Income method, expenditure method, and Product method.

The International Monetary Fund releases the World Economic Outlook Report.