The 7.6% growth rate registered by the Indian economy during the financial year 2015–16 refers to the growth in which of the following macroeconomic indicators?

Introduction / Context:
This question checks your understanding of how India measures and reports its economic growth rate. After the revision of national accounts with base year 2011–12, official growth figures are usually expressed in terms of real Gross Domestic Product, that is, Gross Domestic Product at constant prices. Knowing the difference between Gross Domestic Product, Gross National Product, market prices, and constant prices is important for interpreting economic news and exam questions correctly.

Given Data / Assumptions:

The growth rate mentioned is 7.6% for the year 2015–16.
The indicator must be one of the standard national income aggregates.
The options distinguish between Gross Domestic Product and Gross National Product, and between market prices and constant prices.
We assume the revised national accounts series with base year 2011–12, where growth is reported mainly in real terms at constant prices.

Concept / Approach:
Real economic growth is measured by comparing the value of output after removing the effect of inflation. This is done using constant prices from a chosen base year. In India, after the 2011–12 base revision, the Central Statistics Office started reporting growth rates primarily for Gross Domestic Product at constant 2011–12 prices. The 7.6% figure for 2015–16 is the officially reported real GDP growth rate at constant prices, not the growth in Gross National Product or merely the nominal GDP at current market prices.

Step-by-Step Solution:
Step 1: Recall that for policy and comparison purposes, India focuses on real GDP growth, which is GDP measured at constant prices, rather than nominal GDP at current prices.Step 2: Remember that the figure 7.6% for 2015–16 was widely cited as the real growth rate of the Indian economy based on the new GDP series with base year 2011–12.Step 3: Note that Gross National Product includes income earned by residents from abroad and excludes income earned in India by non residents, while the growth rate most often quoted in Indian economic discussions is that of Gross Domestic Product, which focuses on production within the domestic territory.Step 4: Among the options, the description that matches this widely cited figure is Gross Domestic Product at constant prices, so that is the correct answer.

Verification / Alternative check:
The Economic Survey and national accounts releases refer to growth rates for real GDP at constant base year prices when they discuss how fast the economy is expanding. They may also publish data on Gross Value Added, but the headline growth figure for the whole economy is generally expressed as the growth of real Gross Domestic Product. For 2015–16, 7.6% was quoted as the real GDP growth rate, which confirms that the correct indicator is Gross Domestic Product at constant prices. There is no common reference that associates this specific 7.6% figure with Gross National Product or nominal GDP at market prices.

Why Other Options Are Wrong:
Gross National Product at market prices is different from Gross Domestic Product because it adjusts for net income from abroad. The commonly reported 7.6% figure does not refer to GNP, so option Gross National Product at market prices is incorrect.
Gross Value Added at constant prices is a related measure that looks at value added by producers. Although GVA growth is also reported, the headline figure 7.6% for 2015–16 was associated with real GDP growth, not solely GVA, so this option is not the best match for the question.

Gross Domestic Product at market prices usually refers to nominal GDP at current prices, which can rise due to inflation as well as real output changes. The 7.6% growth figure is a real growth rate, so the description at market prices without reference to constant prices is not accurate here.

Common Pitfalls:
Candidates sometimes confuse nominal and real growth and may think that any quoted GDP figure is at current market prices. Others confuse GVA and GDP because both are used in official documents. To avoid errors, remember that growth rates in exam questions and economic news typically refer to real GDP at constant prices. For the period after the base year revision, the 7.6% growth rate for 2015–16 very clearly refers to Gross Domestic Product at constant 2011–12 prices, not to any other national income aggregate.

Final Answer:
The 7.6% growth rate for 2015–16 refers to the growth of Gross Domestic Product at constant prices.