REAL GDP vs Nominal GDP | National Income | Indian Economy by Bookstawa for UPSC 

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Nominal GDP at market price includes inflation all indirect taxes as well... So our GDP growth can be compared with other nations more efficiently.... It mainly depends on the production of goods/services and inflation....

Q)Why the Indian economy chooses nominal gdp at market price? Ans: 1)Because it becomes easy for Indian economy to compare with international economies. 2) the base year of different countries can be different so it will be less compatible for trade and investment if we dont calculate our nominal gdp on market price . 3) nominal gdp also includes inflation as well as net taxes so its better to use gdp at market place where all these impacting figures are counted. 4)All the major economies of the world are calculating their economies on the nominal gdp at M.P .so it will be more convinient and effective to calculate at nominal gdp@ M.P. 5) the real gdp does not include inflation which is very much effective for economy and trade.

Nominal GDP includes Inflation rate, besides, Nominal GDP at market price includes the Indirect taxes that the govt. levies on the citizens as well as various subsidies which are being provided by the govt. time to time. Hence, it becomes more comprehensive to understand the economic growth of a nation.

Economics ke concept itne shandaar way se na toh koi RU-vid or na hi paid course me padata hai 🎉🎉

Sir , Thanks for such an easy explanation. Your work is really appreciable. Love from J&k 😍😍

liked and shared ... if there are explainers like you in every school, college, our GDP will double in few years....

Never understood this well sir You are revolutionising education sir 🎉

The only place were concepts are not just explained, but practically demonstrated. Thank You Sir!!

bhai yrr love you aap sach mai bohot achn padte hai ek dam concept clear hoo yrrr ...amazing love you bro

Sir, thanku very much...aapke smjane ka tarika bht alag h.... Plzzzz aap se humble request h ki... Aap RU-vid pr History+economy complete kr dijye..... Aapke lecture bht helpful h.

Great explanation! Thank you so much! 😅

Thank you so much sir for economic

Waah.. just got a unique way of teachng

Mrunal sir se bhi easy way me bataya bro. Hatts off

*GDP deflator NOMINAL gdp ki Hawa nikal deta hai 😂😂 Easily understandable*

nominal gdp @ market price shows the current economic scenario of our country and thus economic growth of country, comparison with the other country's economy ,increments in our own economy etc. can be well understood unlike real gdp or others two which may vary from country to country.

Great bookstawa 👍

thanks for explaining it soo simply

Nominal gdp at market price includes inflation all indirect taxes as well..so our gdp growth can be compared with other nations easily.

very nice lecture...🙏

Best class...👍

Thanks a lot Sir ❤❤❤

Thank you so much sir.

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Very nice explanation ❤❤❤sir ji

Thank you ❤

Sir ancient history complete kar dijiye

Definitely sir you are going to be next unicorn🦄🦄🦄🦄

Because it will show that our economy is going through huge inflation and may discourage market players.

Sir please recommend a basic book to follow along with vedios for economy

GDP deflator ko bhi explain karen sir .

Bcz real gdp we r calculating is on base year 2015 but other countries may differ And other reason could be- other major economies are doing so...

THANK YOU Bhaiyya!

Nominal GDP measures a country's total economic output (goods and services) as valued at current market prices.

Sir plz Give more and more videos on Economy

It is easy to compare nominal GDP measures over time.

because with time, inflation keeps on rising and it is important to keep track of inflation also.... to understand the rising burden of taxes on consumers and in the country

We calculate our GDP at nominal GDP so RBI could get the inflation rate and and can make the Monetary policy and nominal GDP is being calculated at world wide also.

Thanks sir

Nominal gdp at mp isliye calculate karte hai kyunki inflation ka estimate v mil sake jo hamare gdp me contribute karta hai

Sir aap please ye bhi mention kar dijiye ki GDP DEFLATOR ki value 10 kaise aai?

Ancient history ki classes bhi continue kijiye sir. It's a humble request

Nominal GDP has its uses. It is always used when GDP is being compared to any other factor that is not inflation-adjusted. For example, a comparison of a nation's debt to its GDP will use nominal GDP, because debt is always measured in current dollars. As this example of nominal GDP for the U.S. from Statista shows, nominal GDP won't look much different from real GDP to the casual eye unless some seismic inflation event occurs.

Nominal GDP is used because it measures the purchasing power of consumers and which shows the increment of per capita income of person in particular year

Indian gdp is calculated at nominal gdp so that we can enline our gdp with world's global gdp. As every country countrs counts their gdp on nomial gdp

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nice

So how can we compare the growth rate of indian economy in pre 2015 and after 2015 Era ?

🥺thnk u sir ❤️

Sir can we say that the price rise in the real cost of Laptop from 2012 is 10 ?

Nominal GDP is to used because it is not adjusted to inflation and provides how much increment happened in GDP comparing with previous year

Sir what is Base price and how it's different from factor and market price

Best ever

nice sir

Sir how many classes are taken to complete Indian economy

Sir apne gdp at factor cost calculate kiya hai example me but 4.54 pe apne market price bola?

Sir GDP deflator ki value kese nikalti hai

GDP Deflator ki value kya hogi sir? Ye kya hota h?

GDP deflator kese pta krte h??

Is basic price same as factor cost?

Sir medieval history of India puri Kara do

Nominal GDP is used so we can compare country's gdp to other non-inflation based factors and then if needed we can use GDP deflator when we need to compare it to previous status

Because each country has different base year which can give misleading number of GDP when comparing with the others.

Kya gdp deflator = inflation% hai?

Q- Why do we choose NOMINAL GDP rather REAL GDP? Ans- As India has been calculating her GDP sinch 2015 at current or market prices, so naturally it becomes Nominal GDP, while in Real GDP, we calculated GDP at factor cost rather market or current prices. For this reason we choose Nominal GDP over Real GDP.

Since other countries follow the NGDP at market price... so we started following the same to have a smooth comparison (Earlier we were using Real GDP). Thanks

Sir how to calculate the value of GDP Deflator?

sir plz expain gdp deflator

kyonki baaki sabhi countries nominal par karti h?

Sir hindi main notes available krado plz

Nominal GDP is with in that year finally how much Goods & Services Produced with in the territory of that country.. & In Nominal GDP :- Inflation is considered Which is a part of Revenue Receipt....

Cause the value difference can be so huge

Yaami😋

Sir, why gdp is calculated on nominal gdp

is this complete economy ??

Wow

Nominal GDP is used to compare economies by removing the bias created by the base year and calculate the growth based on current prices

Sir base year 11-12 nhi h ky

क्योंकि भारत जैसे देश में मुद्रास्फीति प्रतिवर्ष बढ़ाई जाती है जिससे वास्तविक जीडीपी का अस्तित्व ही समाप्त हो जाता है इसलिए भारत में नॉमिनल जीडीपी अपनाई जाती है

We calculate nominal GDP because.... In modern times many new goods and services are updated and formed which are not in earlier. So the monetary value of new formed goods and service have no base year value because they are produced after base year.... So in this sense India and all other countries calculate nominal GDP not real...

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Because over all the global GDP find at market price. So , INDIA complete with global thatwhy ,in INDIA GDPmp calculate

Sir, please explain in english.

sir 1210 to inflation hoga na, kyunki without inflation value hi 10k thi toh real gdp to usse jyada hi hoga

In my opinion let example for present now bharat GDP is increasing very high compare to other country us 1% china 1.5% increase but india become 12% increament in GDP that's because of nominal GDP rate not real gdp rate the base year will less so our gdp become grow enormously So that's the reason why choose india nominal GDP

Kyuki issese country me badh rahe influence ka pata chalta hai

5:48 😁😁😁

Base year kyu change nahi kiya ja rha h

We don't show our final income as low income instead of using real income we can use nominal income

At 5:48 Real GDP is 1210 and nominal GDP also same sir 12.1 k I didn't understand sir

Q: WHY INDIAN GDP Calculate on NOMINAL CUM MARKET PRICE ? Ans: THE VIDEO THUMBNAIL TELLS THE TRUTH, if we calculate REAL GDP instead Of NOMINAL it seems to less and it will decrease the foreign interest over INDIA..

क्युकी हमारे देश में सामान खरीदते समय बिल लेना कोई ओचित्य नही समझते है

Nudge policy 🤣🤣🤣ka achha istemal .

Inflation include hota hai

thank u sir