The Growth Of Gross Domestic Product

Part I of Essay
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, ra ....

Part II of Essay
.... 4.5% for 1997-98, according to the 1997-98 budgetary estimates. But due to the Central Government’s turnover and runaway Government non-plan 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 ....