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Case Study-National Income Accounting
Class 12
CBSE
Read the following extract and answer the following questions
India may log a growth rate of eight per cent of real Gross Domestic Product (GDP) in FY23, said the former Vice-Chairman of NITI Aayog Arvind Panagariya. “I am willing to go out on a limb on this”, he said. The Professor of Economics and Jagdish Bhagwati Professor of Indian Political Economy at Columbia University said his estimate shall be way above the highest assessed by any research organisation or government agency for the year. The RBI estimate is 7 per cent with “risks broadly balanced around this baseline path”, the Bank has noted.
The National Statistical Office shall release the GDP data for the second quarter on 30th November.
Answer the following questions
Define the term GDP
Difference between real GDP and nominal GDP
Can real GDP be more than nominal GDP and vice versa -Comment
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