What is GDP? Assess the contribution of secondary and tertiary sector to the GDP of India
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Heya....
GDP is the sum total of all the good and services produced in an economy in an accounting year....
Mostly in India primary sector contribute in GDP....
But higher the consistence of secondary and territory sector shows high economic growth....
GDP is the sum total of all the good and services produced in an economy in an accounting year....
Mostly in India primary sector contribute in GDP....
But higher the consistence of secondary and territory sector shows high economic growth....
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GDP stands for Gross Domestic Product.
It is the sum total of all final goods and services produced in a country during a particular year. It shows how big the economy is.
It is the sum of production in all sectors.in india this mammoth task is undertaken by central govt. ministry.
It collects information with the help of various govt. departments of all states and union territories.
GDP = C + I + G + (X – M)
where
- C = private consumption
- I = gross investment
- G = government investment + government spending
- X = exports
- M = imports
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