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GDP: Constant & Current Prices (for UPSC CSE)
thank you sir :) Sir,I have one doubt while calculating real GDP we take constant price into consideration of some fixed year as now it is of 2011-12. What will happen if there is some new product comes into picture i.e let product 'X' is start manufacturing from year 2013 ? Do we need to take its current value at each and every consequent year or fix it's value at the starting year while calculating GDP ?