Q.3 What is gross domestic product (GDP) ? What are the implications of weakened correlation between GDP growth and formal sector jobs? (10 Marks)

Mentor’s comment-

https://www.thehindu.com/opinion/lead/whose-gdp-is-it-anyway/article65685838.ece
In the intro, mention the issue of obsession with GDP in the political as well as economic space.
In the body mention the weakened employment intensity of GDP growth and its implications for economy and polity. In the next part, mention that the phenomenon is at the global level and not just India.
Conclude by mentioning the need for an overhaul of India’s economic performance measurement framework.

Comments

2 responses to “Q.3 What is gross domestic product (GDP) ? What are the implications of weakened correlation between GDP growth and formal sector jobs? (10 Marks)”

July 29, 2022

believing is seeing

JmQPOijgofaERD

August 4, 2022

Staff @CD

Hello

Introduction is good.
Relation between GDP growth and formal sector jobs is well explained.
In implications you can mention that focusing on GDP growth at all costs can be counter-productive (Sri Lanka example), inability of ‘fastest’ growing economies to provide prosperity and social mobility for their people..
Conclusion is fine, suggestion of labour-intensive manufacturing is good, plus you can also mention the need to develop a more comprehensive measurement framework of economic and social performance as an alternative to the excessive reliance on GDP.
Keep practicing. 🙂

Q.3 What is gross domestic product (GDP) ? What are the implications of weakened correlation between GDP growth and formal sector jobs? (10 Marks)

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2 responses to “Q.3 What is gross domestic product (GDP) ? What are the implications of weakened correlation between GDP growth and formal sector jobs? (10 Marks)”

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