“India's GDP is expected to expand 7.5% in 2019-20: World Bank” -

1.	“India's GDP is expected to expand 7.5% in 2019-20: World Bank” - The Economic Times. Does the given statement mean that welfare of people of India increase at the same rate? Comment with reason.
Answer» Generally it is considered that an increase in the Gross Domestic Product (GDP) of any economy (India in this case) ensures increase in welfare of the people of the country. However, this may not always be correct. Some of the prime reasons for the same are: (a) unequal distribution and composition of GDP, (b) non-monetary transactions in the economy which are not accounted for in GDP, and (c) occurrence of externalities in the economy (both positive and negative).

“India's GDP is expected to expand 7.5% in 2019-20: World Bank” - The Economic Times. Does the given statement mean that welfare of people of India increase at the same rate? Comment with reason.

Answer»

Generally it is considered that an increase in the Gross Domestic Product (GDP) of any economy (India in this case) ensures increase in welfare of the people of the country. However, this may not always be correct.

Some of the prime reasons for the same are:

(a) unequal distribution and composition of GDP,

(b) non-monetary transactions in the economy which are not accounted for in GDP, and

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“India's GDP is expected to expand 7.5% in 2019-20: World Bank” - The Economic Times. Does the given statement mean that welfare of people of India increase at the same rate? Comment with reason.

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