Question

Role of GDP in developing India

Answer 1

Answer:

• GDP, or Gross Domestic Product, refers to the combined worth of all services and products produced in a country or region in one year of time.
• GDP helps us in understanding the amount of wealth that is being produced in the entire country, and to know the extent of industries in the nation.
• But GDP hides the wealth disparity in the country, and hence can sometimes be unhelpful, Then, GDP per Capita income is a more useful measure.

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Answer 2

India is largely an agrarian economy; so agriculture makes the major contribution to the GDP. Role of major industries in India GDP is important as based on this only the total GDP is calculated. In terms of US Dollar exchange rate India's economy is the twelfth largest.

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