Question

What is GDP? Who measure GDP in India and how? What is its importance (class 10 ncert)

Answer 1

Answer:

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 (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually.GDP per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation(MoSPI), is the responsible authority for macroeconomic data gathering and statistical record keeping. There are basically three methods for calculation of GDP of India.

Samuelson and Nordhaus neatly sum up the importance of the national accounts and GDP in their seminal textbook “Economics.” They liken the ability of GDP to give an overall picture of the state of the economy to that of a satellite in space that can survey the weather across an entire continent. GDP enables policymakers and central banks to judge whether the economy is contracting or expanding, whether it needs a boost or restraint, and if a threat such as a recession or inflation looms on the horizon.

The national income and product accounts (NIPA), which form the basis for measuring GDP, allow policymakers, economists and business to analyze the impact of such variables as monetary and fiscal policy, economic shocks such as a spike in oil price , as well as tax and spending plans, on the overall economy and on specific components of it. Along with better informed policies and institutions, national accounts have contributed to a significant reduction in the severity of business cycles since the end of world War II.

Explanation:

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Answer 2

GDP is 'Gross Domestic Product'. It is a total value of all final goods and services produced in economy in a certain period of time. Central Statistics Office of India measures the GDP. GDP gives the economic health of the country.

Explanation:

• 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.

Learn more about Gdp

What is the use of GDP​

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