We compare GDP according to the amount in the financial year 2017 and 2018. In FY 2017, India's annual GDP growth was estimated at 6.7 percent. On this basis, the GDP of the country becomes 2,652,250 million dollars (about 188 lakh crore). According to the website of the country economy, which monitors the economy worldwide, India's GDP is estimated to be $ 2,716,750 million (close to 193 lakh crore) in FY 2018. That is, in a financial year, the GDP of the country has increased by only around 5 lakh crores.
Condition of GDP in Modi government
On the basis of the projected figures of the RBI, in FY 2019, it will be 6.1 percent of GDP. If this happens, then obviously the GDP will be reduced according to the amount. Here, tell us that the loss can increase further due to uncontrolled exchange rate of dollar and rupee. If the value of the rupee decreases in the coming time, it will have a bad effect on the Indian economy in terms of the dollar, but if the rupee becomes stronger against the dollar then it will benefit.
What is GDP data?
GDP is the most important measure to measure the economic health of any country. From this data, it is clear what is the economic situation of the country and what will be the direction of the economy in the coming days. GDP in India is calculated on a quarterly basis every third month.
The data is collected by the Central Statistics Office (CSO), a government body, after the calculations of different ministries. These figures are mainly from eight industrial sectors – agriculture, mining, manufacturing, electricity, construction, trade, defense and other services. After this, only the data that the CSO releases is considered official.
What is the GDP estimate of RBI?
In view of the health of the economy, the central bank reviews the GDP in the meeting of the RBI Monitoring Police Committee. This meeting takes place every two months. After this review meeting lasting three days, the RBI presents the estimated figures of GDP.
If the projected figures on the GDP of the RBI are low, then it is an alert for the central government. This means that the government which is in power increases the pressure to take some big decisions on the economic front. Continuously low GDP figures indicate that the economy is performing very weakly. This shows that people do not even have money to spend.
Rating agencies around the world also calculate GDP on different scales. Based on this calculation, rating agencies decrease or increase the estimated GDP figures of countries around the world. Typically, these agencies project GDP growth for the next 3 financial years based on the current health of the economy.
What is the connection of GDP with common people?
The GDP figures also affect the common people. If GDP figures are constantly slow, then it is a danger bell for the country. Due to lower GDP, the average income of the people decreases and people go below the poverty line. Apart from this, the pace of creation of new jobs is also reduced. Due to economic slowdown, the possibility of retrenchment increases. At the same time, the savings and investment of the people also decreases.
