how does GDP measure in India ? ( long answer )
Answers
Answer:
Explanation:
Gross Domestic Product (GDP) is one of the most widely used measures of an economy’s output or production. It is defined as the total value of goods and services produced within a country’s borders in a specific time period — monthly, quarterly or annually.
Gross Domestic Product helps to find out the output that a region or country produce in a particular amount of time. GDP is calculated by adding up the total output produced in the country
In India it is the Central Statistics Office of India that measures the GDP of the country. It is necessary to know the GDP of the country since it gives information regarding the health of the economy and its performance.
An increase in the GDP of a country indicate that the economy is doing well and decrease in GDP shows the negative growth rate of the economy.
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