In Indian Polity Course for UPSC on Bookstawa App, Entire Indian Polity Syllabus is COMPLETED in detail- you will get 300+ Animated videos, downloadable PDFs, online test and Dedicated support for queries. Bookstawa app [Android link] - play.google.com/store/apps/details?id=co.loki.ylnop1 Bookstawa app [IOS link] - apps.apple.com/in/app/myinstitute/id1472483563 ORG Code - YLNOP
Namaste sir 🙏 🇮🇳 6:21 Market prices include inflation, providing a realistic picture of economic growth and purchasing power. Market prices capture the actual transaction value, including taxes and subsidies, reflecting the true economic activity
have attended coaching for economy from one of the most reputed institute of india. still found i was mugging up most of the topics. now i feel i am understanding the topics. noone, i repeat noone can beat this way of teaching. sometimes me and mom used to watch together bec she is genuinely interested in indian economy and guess what even she understands this. real education is not to flaunt fancy words and show off knowledge, it is to reach ppl and make them understand .. thank u is a small word sir
Reasons or Benefits of shifting from factor cost to market prices are : 1. Major economies of the world calculate their GDP at market price hence India's GDP data at market price makes it easy for them to understand 2. It's in accordance with SNA 08 3. It tells us about the consumers' burden of the tax also in the economy However, there are some challenges of this change such as indirect taxes are not stable in India unlike developed countries hence we don't know if we're measuring our GDP and its growth correctly. It can be solved by removing the impact of fluctuating indirect taxes or keeping the indirect taxes stable.
Shifting to market price because the factor cost may remain constant but the market price increasing which gives a easy and clear indicator of rising GDP.
Shift factor cost to market value:- 1. Every penny counts here. 2.world follow it- so, easily comparable. 3. And offcourse- high GDP, a indicator of a political advantage.
IMF's World Economic outlook projections are based on GDP at market price. This is one of the reasons for India's shift to market prices while calculating GDP.
Sir please make a course on Economy.. Your videos are so useful that it gives confidence to clear any government exam just by relying on your videos. And honestly i am waiting for that moment where every upsc aspirant after cleaning civil services he will talk about your TH-cam channel as they give suggestions for good books to be read.. sir i bought you Indian polity course and it's very much useful. A big appreciation and 🙏...
The one reason according to me that gdp wanted to increase the national income of every particular year for competing with the economic rate of other countries which may gave benefits in the growth of indian economy rate Thank you bookstawa .❤ Bookstawa is best for UPSC preparation ❤
We measure GDP at market price becz of International Comparability Most countries use market prices to calculate GDP, ensuring a standard method for international comparison of economic performances!!
1. Market price se consumer ke dimand ka pata lagta h, company aur desh ko fayda hota h 2. Ab Duniyaa ke adhikatak desh me aise hi hota hai, unse india ko compair karne ke sahayta milti h
In factor price, customer doesn't have to pay indirect tax on goods ... Gov got Tex from direct tax only which is not enough for India, to increase govt. Money India started GDP on market price, so that, govt. Can get more money for more devlopement .. .. And also imf's GDP counts based on market price , other development countries also .. (may be India also want to increase his economy value )
At 6:26, According to me, From 2015 GDP at Market Price is considered because In GDP at Market Price taxes are included and this tax is used by our Government on the welfare of the people living in our country as a final goods and Services. For Example- If I had given some amount as tax So, this may be used to made road which is also final product. GDP at market price will help to calculate this Extra cost.
THANK YOU for this excellent video sir. Please increase the frequency of economy videos sir.As many exams are approaching we need to cover the whole economy within a short span of time sir.
Sir GDP at market price will be better indicator of economy is in inflation or deflation rather if we take Factor cost which will be constant where govt taxes and subsidy are not available.
Excellent way of teaching ☺..... very nice video and beautifully explained ......please upload more video's of economics.... thanks and God bless you ☺
Thank you Sir for great explanation. Answer to question is India switched from factor cost to market price because we are buying it from market and getting services from market I guess
Because in market price taxes and subsidiaries also added where in factor cost only production amount. Every rupee given to the shopkeeper is imp to know what is the actual economic situation of India
This is because only the factor cost does not implies the value or actual price of the product we had some additional factor like taxes and subsidiaries
Please, address to my doubt. Subsidies are included in the factor cost. So, i can write formula for factor cost. Factor cost = wages + Rent + profit + interest - Subsidy (if given by government)
The taxes the govt is imposing due to many factors, gets changed thereby changing the market price, as the production factor cost is same except taxes which govt impose, it gives better idea about country's GDP, so market price is a better alternative hence in present use
Market price se real GDP ka pata chalta h, isse consumer ke demand ka pata chalta h jisse company ko aur indian economy ko profit hota h, adhiktar desh GDP me ab market price hi jorate h to unki tulna me bhaat ki isthiti v sthai bani rahegi🙂
In my opinion the reason for shifting to factor cost to market price behind this same scenario vat to gst government only balance market price not factor cost in 2014 prices are high so consumer are very critical situation ,one major reason is that timeline within one year in factor cost how govt knows is this material when produce But in market price government knows when it will produce so exact data will found how much goods and services are produced within one year Thats why government can bring this idea and change the scenario
India shifted as regarding international practice of GDP at market price . It includes not only cost of production but also product subsidise and Taxes .
Sir in the question whoes answer you gave in start of video..If the shopkeeper had bought that laptop in one year and sell it to consumer in next year..then will it be part of gdp or not
If laptop price 10k ,then tax 2k ,shop owner buy the laptop on cost 12k . Then his service charge 5k . Now it is 17k . Sir my question is that wheather he pay 20 percent tax on 17k or 5k.
Hello sir why profit of entrepreneur i.e 40k is included in the calculation of factor cost? Profit is not an investment or cost which needs to bear. It is a profit which he gets in return. So why it is included in total cost to manufacture laptop
In Indian Polity Course for UPSC on Bookstawa App, Entire Indian Polity Syllabus is COMPLETED in detail- you will get 300+ Animated videos, downloadable PDFs, online test and Dedicated support for queries.
Bookstawa app [Android link] - play.google.com/store/apps/details?id=co.loki.ylnop1
Bookstawa app [IOS link] - apps.apple.com/in/app/myinstitute/id1472483563 ORG Code - YLNOP
Namaste sir 🙏 🇮🇳
6:21 Market prices include inflation, providing a realistic picture of economic growth and purchasing power.
Market prices capture the actual transaction value, including taxes and subsidies, reflecting the true economic activity
I think for comparison with world countries 6:28
❤
have attended coaching for economy from one of the most reputed institute of india. still found i was mugging up most of the topics. now i feel i am understanding the topics. noone, i repeat noone can beat this way of teaching. sometimes me and mom used to watch together bec she is genuinely interested in indian economy and guess what even she understands this. real education is not to flaunt fancy words and show off knowledge, it is to reach ppl and make them understand .. thank u is a small word sir
Glad to hear that Malathy. Such comments are like oxygen on which Bookstawa runs !
Me too bhai 💓🥺
Fr mugging up books for many times and still not understand the layout of concepts
❤❤❤❤❤❤❤❤❤
Vo vajiram ka coaching tha😂😂😂
Reasons or Benefits of shifting from factor cost to market prices are :
1. Major economies of the world calculate their GDP at market price hence India's GDP data at market price makes it easy for them to understand
2. It's in accordance with SNA 08
3. It tells us about the consumers' burden of the tax also in the economy
However, there are some challenges of this change such as indirect taxes are not stable in India unlike developed countries hence we don't know if we're measuring our GDP and its growth correctly.
It can be solved by removing the impact of fluctuating indirect taxes or keeping the indirect taxes stable.
Will it increase GDP number?
And benefits in politics?
Shifting to market price because the factor cost may remain constant but the market price increasing which gives a easy and clear indicator of rising GDP.
Sir I'm from jammu and Kashmir
I saw your all videos of modern history. You are really good. Now I'm watching your economy series.. Luv from kashmir ❤
Shift factor cost to market value:-
1. Every penny counts here.
2.world follow it- so, easily comparable.
3. And offcourse- high GDP, a indicator of a political advantage.
Watching Economics content from Bookstawa because I don't understand the same from my coaching classes. I now get the feeling of 'True Learning'.
IMF's World Economic outlook projections are based on GDP at market price. This is one of the reasons for India's shift to market prices while calculating GDP.
Kaash mujhe pahle iss channel ka pta hota
This channel is underrated but amazing ❤❤❤
Sir main ugc net ke liye prepare kar raha hun yeh concept mujhe ate the par mene voh rate hue the lekin apki video dekh kar samajh main aa gaye
Sir ap k video bohot hi zada a6e hote h 1 dam crystal clear . Thank u sir
The best teacher of humanities I have ever learned
Sir please make a course on Economy.. Your videos are so useful that it gives confidence to clear any government exam just by relying on your videos. And honestly i am waiting for that moment where every upsc aspirant after cleaning civil services he will talk about your TH-cam channel as they give suggestions for good books to be read.. sir i bought you Indian polity course and it's very much useful. A big appreciation and 🙏...
The one reason according to me that gdp wanted to increase the national income of every particular year for competing with the economic rate of other countries which may gave benefits in the growth of indian economy rate
Thank you bookstawa .❤
Bookstawa is best for UPSC preparation ❤
Every content in bookstawa is well -explained..
Thanks for the polity & history..❤
We measure GDP at market price becz of International Comparability
Most countries use market prices to calculate GDP, ensuring a standard method for international comparison of economic performances!!
1. Market price se consumer ke dimand ka pata lagta h, company aur desh ko fayda hota h
2. Ab Duniyaa ke adhikatak desh me aise hi hota hai, unse india ko compair karne ke sahayta milti h
Sir aapka video dekhna humko bahut aacha lagta hai ...mai bhi UPSC KE TAYARE KAR RAHA HU
BRILLIANTLY Explained!
The best channel I found on TH-cam ❤️🙏🏼
U r my best mentor
In factor price, customer doesn't have to pay indirect tax on goods ... Gov got Tex from direct tax only which is not enough for India, to increase govt. Money India started GDP on market price, so that, govt. Can get more money for more devlopement .. ..
And also imf's GDP counts based on market price , other development countries also .. (may be India also want to increase his economy value )
thankyou sir for making eco easier for pple like us
At 6:26, According to me, From 2015 GDP at Market Price is considered because
In GDP at Market Price taxes are included and this tax is used by our Government on the welfare of the people living in our country as a final goods and Services. For Example- If I had given some amount as tax So, this may be used to made road which is also final product.
GDP at market price will help to calculate this Extra cost.
I never tend to write a comment but the way you have tried to decipher the subject is mindblowing.. Love from J&K an aspirant of UPSC.
TQ SIR 🙏🏾 for your priceless effects!!
THANK YOU for this excellent video sir.
Please increase the frequency of economy videos sir.As many exams are approaching we need to cover the whole economy within a short span of time sir.
Sir GDP at market price will be better indicator of economy is in inflation or deflation rather if we take Factor cost which will be constant where govt taxes and subsidy are not available.
Sir your every vedio is imformative and very helpful for us.. i am thankful to you for this amazing content. thanku so much sir.
thank you very much for such a good initiative, sir
Excellent way of teaching ☺..... very nice video and beautifully explained ......please upload more video's of economics.... thanks and God bless you ☺
Nice vedio sir 🙏🙏🇮🇳👍❤️
Thank you Sir for great explanation.
Answer to question is India switched from factor cost to market price because we are buying it from market and getting services from market I guess
May be By calculating GDP at market price get actual insight of nation income
Because in market price taxes and subsidiaries also added where in factor cost only production amount. Every rupee given to the shopkeeper is imp to know what is the actual economic situation of India
Superb way of explaination keep it up sir❤
Thank you so much sir 😊
Eagerly waiting for your videos sir. ❤️
Thanku so much sir🙏🙏
This is because only the factor cost does not implies the value or actual price of the product we had some additional factor like taxes and subsidiaries
Amazing video sir 💜
Perfect....
As usual
Please, address to my doubt.
Subsidies are included in the factor cost.
So, i can write formula for factor cost.
Factor cost = wages + Rent + profit + interest - Subsidy (if given by government)
The taxes the govt is imposing due to many factors, gets changed thereby changing the market price, as the production factor cost is same except taxes which govt impose, it gives better idea about country's GDP, so market price is a better alternative hence in present use
Market price se real GDP ka pata chalta h, isse consumer ke demand ka pata chalta h jisse company ko aur indian economy ko profit hota h, adhiktar desh GDP me ab market price hi jorate h to unki tulna me bhaat ki isthiti v sthai bani rahegi🙂
In my opinion the reason for shifting to factor cost to market price behind this same scenario vat to gst government only balance market price not factor cost in 2014 prices are high so consumer are very critical situation ,one major reason is that timeline within one year in factor cost how govt knows is this material when produce
But in market price government knows when it will produce so exact data will found how much goods and services are produced within one year
Thats why government can bring this idea and change the scenario
Great effort🙏
India shifted as regarding international practice of GDP at market price .
It includes not only cost of production but also product subsidise and Taxes .
Cause government wants to fulfil the promise of increasing GDP. In that case they can easily increase it by increasing taxes.
bahut badhiya
Please continue this series sir
Most of the countries calculating GDP at market price which is easier for IMF while comparing the same
I think India switched DGP at market price because it shows that India's economy is increasing & I think it would be the only reason for that....
Bhai youtube ne is channel ko pehle recommend kyu nhi kia😢🥺😣
gdp at market price value will be more than gdp at factot cost value which will show high gdp of nation irrespective of goods manufactured
Thank you Sir!!🙂
Sir in the question whoes answer you gave in start of video..If the shopkeeper had bought that laptop in one year and sell it to consumer in next year..then will it be part of gdp or not
all due to our economist GObi ji
Sir ancient history ko complete kro,🙏🙏🙏🙏
Ans to laptop question.... commission on sale nd purchase of 2nd hand goods r added in GDP
GDP shifted to market price - may be to reflect our economy in a good position while actually it is not
thankyou sir ♥️
I think to measure the wealth of all private and public firms
Thanks a lot please try to cover full economics according to the upsc syllabus please sir 💕💕😩✨✨
Sir thumbnail thoda aur crispy rakhiye jaise ramesh sir ka book ...to achha lagega ..🙏🙏🙏
Sir, please start a season for Geography....
Thankyou🎉sir
Please continue economy lecture sor
From market price indication we can obtain clear indication of gdp
(For Market price) As comparison for world countries.
If laptop price 10k ,then tax 2k ,shop owner buy the laptop on cost 12k . Then his service charge 5k . Now it is 17k . Sir my question is that wheather he pay 20 percent tax on 17k or 5k.
I cannot just thank You spent 1.8lakh rupees in an institute but still depentdent upon you
Sir, what is the logic behind deducting subsidies from gdp at factor cost to find out gdp at market price?
Subsidies gov give us , So total cost - subsidies+ in direct tax will be GDP at market price . SUSIDY LIKE YOU GET SUBSIDY ON CYCLIDNER.
Sir apki video ki playlist sequence m nhi h
Hello sir why profit of entrepreneur i.e 40k is included in the calculation of factor cost?
Profit is not an investment or cost which needs to bear. It is a profit which he gets in return. So why it is included in total cost to manufacture laptop
Sir pls provide economy lecture pdf
Profit of product also included in factor cost?
Agar possible ho to ap sequence m arrange kr sakte ho kya
Sir ese me economy kb tk complete ho jaaegi
Sir I have a doubt.. why profit is included in factor cost?
GDP AT MARKET PRICE MIGHT HAVE BEEN INTRODUCED TO CHECK THE IMPACT OF TAXES ON THE PRODUCTS
thnx sir
Taki opposition ko ye lage ki..production bhi badh raha hai?
No, that will not be added to the GDP
Because that computer is already produced
If inflation is stable & govt always chooses a stable base year then calculating GDP@M.P. is not a problem.
does 15 or 18k is added to gdp?
No this is not included in gdp become it is included when purchased 10k
Ruling govt. may show more GDP growth due to market cost even without produce more.
International pressure
👌👌👌
One more reason is that another neighbour is buy ktm so I see and then i also thinking about and collect and buy ktm
Nahi GDP me include nahi hoga
Koi impact nhi hoga because jab laptop produce hui usi time isko GDP me include Kiya gya
Sir these kind of videos are just like petrol to our learning,plz try to continue this series.
2nd comment
Modi ki nakami ki wajah se gdp mp calculate karne lage
Third Comment
Because of subsidies and
Loot in taxes
Thank you so much sir😊😊
Thank you sir☺🙏🙏