What GSDP really means

The petrol price increase has become such a contentious issue countrywide that Opposition politicians leverage it to turn even good news into bad news. In her Budget speech earlier this week, Delhi Chief Minister Sheila Dikshit announced that the state’s GSDP (gross state domestic product) grew 11.3 per cent in 2011-12, a decent figure given the circumstances. Before the ruling party could applaud, opposition MLAs shouted, “GSDP stands for GaS, Diesel and Petrol.” No doubt, they felt the imposition of a five per cent VAT on CNG outstripped the Rs 1.26 a litre relief on petrol.