GDP or Gross Domestic Product GDP or Gross domestic product refers to total market value of all the final goods and services produced in an economy in a given period of time. For India, this time period is from 1st April to 31st March. This means it measures the value of final goods and services produced within a geographic boundary regardless of the nationality of the individual or firm. For instance, cars manufactured in India by Japanese company will be included in Indian GDP. Similarly, the Jaguar cars manufactured in UK by Tata will not be counted in India’s GDP. It refers to only final output of such goods and services. The rule that only finished or final goods must be counted is necessary to avoid double or triple counting of raw materials, intermediate products, and final products. For example, the value of automobiles already includes the value of the steel, glass, rubber, and other components that have been used to make them. To be precise, we define the following: a) Final Output: Goods and Services purchased for final use. b) Intermediate Goods/Factors of Production/Raw Materials: Products used as input in the production of some other product. There are two ways to take into account double counting: i. Calculate only the value of the final product. ii. Calculate the value added at each stage of production, from the beginning of the process to the end. Specifically, it is derived by subtracting the value of the intermediate good from the value of the sale.
1. India expects Russia to be more involved in the Indo-Pacific and to look to its own interests in the region. 2. This will create a mutual basis for cooperation and dialogue. 3. Investments in Vietnam’s oil and gas sector is seen as one of the areas of cooperation as both India and Russia have planned to invest in this sector. 4. India also sees Russia as a very important Pacific power 5. Russia has an interest in the Indian Ocean and India has an interest in the Pacific Ocean. 6. As, Indo-Pacific is seen as a geographic continuum for cooperation and for certain principles, India wants Indo-Pacific region to be free and fair for everyone. 7. Russia views its engagement would create new divisions especially with respect to containment of China. 8. On the other hand, India neither views it as containment nor non-containment but as a positive construct that brings together countries on the basis of certain principles. South China sea 1. A stable Indo-Pacific assumes particular impo...
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