IKHLAQ SIR.

My NAME Is KALAM.              Born on 15th October 1931 From an Indian aerospace scientist to the President of India, the 'Missile Man of India' has inspired millions of people with ambitions of science and propelled our nation towards technological advancements, here's a story of one such yearning and aspiration. As I entered the gates of Riverside Public School, my eyes caught sight of the banner, “Science Fair, 2021”. I fancy those schools, encouraging the innovative side of their pupils, and not just compelling them to bury their dainty heads deep into the theoretical monotony. I believe the more these children create and experiment, the more this world will progress, holding the hands of some brilliant brainiacs in the field of Science. Hello, Mr. Shrivastav! Welcome to our institution”, the Principal warmly greeted me as he handed me a beautiful bouquet of fresh roses, decorated with ribbons. It was quite exquisite. The validation seemed chummy,...

First let us develop the general concept of average productivity and marginal productivity. If one acre of land produces 2 Tonnes of food grains, then; Productivity of Land = Output = 2 Tonne = 2 Tonne/acre  Input (land) 1 acre Productivity of Labour = Output = 2 Tonne = 0.4 Tonne/labour  Input (labour) 5 labourer The above two are basically average productivity. If by adding one extra labour, production increases by 0.2 tonne, then Marginal productivity of labour = change in output = 0.2 tonne = 0.2 tonne/labour  Change in labour 1 labour Similarly, we can calculate productivity of capital = Output Capital Higher is the productivity of capital, it is good for the economy. The inverse of “productivity of capital” is Capital/Output ratio. Capital output ratio is the ratio of capital to output. It measures how much of capital is  required per unit of output. So, if more capital is required per unit of output, then the  capital is less efficient. Hence, it also mea...

  Since January 2015, National Statistical Office (NSO) under the Ministry of Statistics and  Programme Implementation (MoSPI) has changed the base year for calculation of GDP to  2011-12. So, if we want to calculate India's Real GDP for 2014-15, we will have to take the  quantities produced in 2014-15 and the prices of 2011-12 (base year). And if we want to  calculate the Nominal GDP of 2014-15 then we will have to take the quantities produced in  2014-15 and the market prices of the same year i.e. 2014-15.  Before 2015, NSO was not using market prices to calculate GDP, rather it was using Factor  Cost i.e. Market Price excluding indirect taxes and subsidies. Now, as per the global best practices and the IMF's World Economic Outlook projections based on GDP at market prices,  India has changed its methodology of GDP calculation at market prices. In India, economic growth is measured by real GDP i.e. GDP at constant Market Prices. economic gr...