Question

What is the size of the Indian economy at present ?

Hint:

Nominal GDP measures the value of goods and services at current market prices, without adjusting for inflation.

Answer 1

Step 1: Understanding the Concept:
The question asks for the "nominal" economic size of India as mentioned in the provided text.
Step 2: Detailed Explanation:
The passage provides a comparison between India and the United Kingdom in terms of their GDP measured in 'nominal' cash terms.
It explicitly states: "The size of the Indian economy in ‘nominal’ cash terms was estimated to be \$ 854.7 billion."
During the same period, the U.K. was estimated at \$ 816 billion, making the Indian economy larger.
Step 3: Final Answer:
Based on the text, the current estimated size of the Indian economy is \$ 854.7 billion.