Understanding India's GDP in 2017-18

The question asks about the Gross Domestic Product (GDP) of India during the financial year 2017-18, specifically at current prices. GDP is a crucial economic indicator that represents the total monetary value of all the finished goods and services produced within a country's borders in a specific time period. 'Current prices' means the GDP is calculated using the actual market prices prevalent during that specific year, including the effect of inflation.

Estimates for national income, including GDP, are released by governmental statistical organizations. For India, this responsibility lies primarily with the National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI).

India GDP 2017-18: Official Data at Current Prices

According to the official data released by the National Statistical Office (NSO) regarding the national accounts, the Gross Domestic Product (GDP) of India at current prices for the financial year 2017-18 was estimated to be a specific amount. We need to identify this figure from the given options.

Let's look at the options provided:

• Rs. 157.73 lakh crore
• Rs. 147.73 lakh crore
• Rs. 137.73 lakh crore
• Rs. 167.73 lakh crore

Based on the official data for the Indian economy for the financial year 2017-18, the Gross Domestic Product (GDP) at current market prices was reported to be approximately Rs. 167.73 lakh crore.

Therefore, comparing this figure with the given options, we can see that one option matches this value.

This figure represents the total value of goods and services produced in India during that year, measured using the prices of 2017-18 itself. It reflects the nominal value of economic output before accounting for inflation relative to a base year.

Revision Table: Key Economic Indicators

Additional Information: Understanding India's National Income Data

The Ministry of Statistics and Programme Implementation (MoSPI) is responsible for compiling and releasing national income statistics in India. These statistics are crucial for economic analysis, policymaking, and understanding the health of the economy.

Key aspects of India's national income accounting:

• Base Year: For calculating GDP at constant prices, a base year is used. The base year is periodically revised to reflect structural changes in the economy. For the period around 2017-18, the base year was 2011-12.
• Data Sources: Data is collected from various sources including government budgets, surveys (like the Annual Survey of Industries, National Sample Surveys), financial statements of companies, and administrative records.
• Components of GDP (Expenditure Approach): GDP can be viewed as the sum of expenditures:
  • Private Consumption Expenditure
  • Government Consumption Expenditure
  • Gross Fixed Capital Formation (Investment)
  • Change in Stocks
  • Valuables
  • Net Exports (Exports minus Imports)
• GDP vs. GNP vs. NNP: GDP is production within geographical boundaries. Gross National Product (GNP) is GDP plus net income from abroad. Net National Product (NNP) is GNP minus depreciation.

The GDP figure for 2017-18 at current prices of Rs. 167.73 lakh crore provides a snapshot of the nominal size of the Indian economy in that specific financial year.