Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
3. What is GDP? Elaborate upon the factors affecting the GDP growth with a special emphasis on role of technological advancement. (250 words)
Difficulty level: Easy
Reference: Insights on India
Why the question:
The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2022 Secure timetable.
Key Demand of the question:
To write about the factors affecting GDP growth and role of technological advancement in it.
Directive word:
Elaborate – Give a detailed account as to how and why it occurred, or what is the context. You must be defining key terms wherever appropriate and substantiate with relevant associated facts.
Structure of the answer:
Introduction:
Begin by defining GDP.
Body:
First, write about the various factors affecting GDP growth – human resources, physical capital, natural resources and technology. Explain them with examples.
Next, write about role of technological advancement in improving GDP – Improvements in technology have a high impact on economic growth. As the scientific community makes more discoveries, managers find ways to apply these innovations as more sophisticated production techniques.
Conclusion:
Conclude by Summarising
