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CARE RATINGS PROJECTS INDIA’S GDP FORECAST TO 9.2% FOR FY22

CARE RATINGS PROJECTS INDIA’S GDP FORECAST TO 9.2% FOR FY22

Context

The domestic rating agency, Care Ratings, has revised the GDP growth forecast of India for the current fiscal year 2021-2022 (FY22) to 9.2 percent.

Details

  • This is the fourth revision by the rating agency in its GDP growth forecast for 2021-22 since March 2021.
  • Care has cited the impact of the second wave of the Covid-19 pandemic as the reason behind a slowdown in the economic growth.

About GDP

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year.

How is GDP measured?

It can be measured by three methods, namely,

Output Method: This measures the monetary or market value of all the goods and services produced within the borders of the country.

GDP (as per output method) = Real GDP (GDP at constant prices) – Taxes + Subsidies.

Expenditure Method: This measures the total expenditure incurred by all entities on goods and services within the domestic boundaries of a country.

GDP (as per expenditure method) = C + I + G + (X-IM) C: Consumption expenditure, I: Investment expenditure, G: Government spending and (X-IM): Exports minus imports, that is, net exports.

Income Method: It measures the total income earned by the factors of production, that is, labour and capital within the domestic boundaries of a country.

GDP (as per income method) = GDP at factor cost + Taxes – Subsidies

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