How to change size of Application icons in grid on your Mac

I wanted to change the size of Application icons displayed in grid that pops out after clicking on the Applications folder/stack in the OSX dock. Surprisingly, it turned out to be more difficult than I thought. I could find no way to resize the icon size. Most of the fixes I read online talked about changing the size of icons displayed in the 'Finder' view; but no one really talked about changing the size of the grid itself.

Finally, a random try helped me and I believe it should help a lot of my fellow OSX lovers users. The key combination is quite simple - but it's not intuitive. All you need to do is display all the icons in the Grid format (option available after right clicking on the Applications icon) and then press CMD + + or CMD + - to increase or decrease the size of icons. By reducing the overall size of icons, you can now show more number of applications right in the grid view.

Important: I believe this option is available only on the latest versions of OSX ( 10.8 onwards, I guess). I tried the above mentioned key combination on OSX Mavericks.

A note to OSX designers - add an option to resize the icons in the right-click menu. The applications pop-out consumes nearly 40% of the screen on Mac notebooks.