GDP…indian economy

The economy of India, measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP in excess of $1 trillion (2008). It recorded a GDP growth rate of 9.0% for the fiscal year 2007–2008 which makes it the second fastest big emerging economy, after China, in the world. At this rate [...]

Nominal/Real GDP

Alternative Approaches to Calculating GDP
There are three approaches to calculating GDP:

expenditure approach – described above; calculates the final spending on goods and services.
product approach – calculates the market value of goods and services produced.
income approach – sums the income received by all producers in the country.

These three approaches are equivalent, with each rendering the same [...]

GDP…expenditure approach..

The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country’s economy. GDP is defined as the total market value of all final goods and services produced within the country in a given period of time (usually a calendar year). It is [...]