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The Growth Of Gross Domestic Product - Online Term Paper

The Growth Of Gross Domestic Product

The new paradigmatic shifts, since the liberalisation process took off, after unshackling the socialistic edifice, has brought a perceptible change in the Indian economy. The growth in real Gross Domestic Product (GDP) during the last three years, i.e. during 1994-1997, ranged from 7.2% to 7.5%. The current year, 1997-98 is an exception at 5%. While growth in industry averaged 9.5% during the same period, it is down to 4.2% for the year ended 1997-98.
The trend seems to be in symphony with the overall slowdown in the Asian markets.
Over 26% of the GDP component is dominated by the Agricultural sector, having clocked a production of 198.2 mln tons in 1996-97, while 1997-98 saw a decline ...

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expenditure, it is estimated to have ballooned to 6.1% of the GDP.
The rate of inflation, measured by the Whole Sale Price Index, decreased from 10.4% in 1994-95 to 5.0% in 1995-96 and has been hovering around this figure till date. Consistent with this, broad money M-3 targeted to grow by 15% to 15.5% during 1997-98, shot up to 17% in the same year.
The balance of payments situation in 1997-98 remained sound. The current account deficit fell to about 1.0 % of GDP in 1996-97, reflecting mainly the slow down in industrial growth and investment and growth of net invisibles. In 1997-98, the current account deficit is expected to be about 1.5 % of the GDP, which is significantly less than the average deficit of about 2.3% of GDP during the seventh Plan period (1985-86 to 1989-90).
Total imports in 1996-97, on payments basis, recorded a growth of only 10.1% in US $ terms, compared with 21.6% in 1995-96. The demand for imports has been subdued over the last two years, reflecting ...

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The Growth Of Gross Domestic Product. (2007, January 8). Retrieved November 22, 2024, from http://www.essayworld.com/essays/The-Growth-Of-Gross-Domestic-Product/58377

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PAPER DETAILS

Added: 1/8/2007 12:15:20 PM
Category: Economics
Type: Premium Paper
Words: 1062
Pages: 4

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