Question

Explain GDP - Gross Domestic Product. ​

Answer 1

$\huge{\mathfrak{\blue{\underline{\underline{GDP\;(Gross\;Domestic\;Product)}}}}}$

★ It is the value of all final goods and services produced in a country during a year. It  includes the total production of all the three sectors of the economy.

★ It is a measure of the size of a country’s economy.

★ In India, primary sector was traditionally the biggest and most important sector.

★ With the coming of industrialization, secondary sector gained importance.

★ Manufacturing became a major industry of the Indian economy.

★ In the past few decades, tertiary sector has assumed much importance in terms of total  production. Today, tertiary sector is the largest producing sector in India and contributes the  most to the country’s GDP.