Question

Mention the steps to calculate the GDP in India. Explain with the help of an example.

Answer 1

Answer:

Gross domestic product (GDP) is the single standard indicator used across the globe to indicate the health of a nation's economy: one single number that represents the monetary value of all the finished goods and services produced within a country's borders in a specific period. GDP may be easy to define but it is complex to calculate, and different countries employ different methods. This article discusses how India calculates its GDP.

Explanation:

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