Economy-UPSC notes

Market Price Formula: Before 2015 and After 2015 – Indian Economy UPSC Notes

The formula for calculating Market Price in India saw a shift in terminology and approach after 2015 with the adoption of international accounting sta

Market Price Formula: Before 2015 and After 2015 The formula for calculating Market Price in India saw a shift in terminology and approach after 2015 with the adoption of international accounting standards (System of National Accounts, SNA 2008). The base year revision for GDP calculations in 2015 brought significant changes in how national income aggregates like GDP at Market Price and GDP at Factor Cost were calculated. 1. Before 2015 India used GDP at Factor Cost as the primary measure of economic output. Market Price was derived from GDP at Factor Cost by adding indirect taxes and subtracting subsidies. Formula: Market Price = Factor Cost + Indirect Taxes − Subsidies \text{Market Price} = \text{Factor Cost} + \text{Indirect Taxes} - \text{Subsidies} Explanation: Factor Cost: The cost incurred in production, excluding taxes but including subsidies. Indirect Taxes: Taxes levied on goods and services (e.g., excise duty, service tax). Subsidies: Financial aid provided by the government to reduce the c…

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