Question

what is GDP? who measures GDP in india and how? what is its importance?

Answer 1

Answer:

GDP stands for gross domestic product central statitics office calculate GDP.importance of GDP it enables

policymaker and central banks to judge whether the economy is contracting or expanding

Explanation:

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Answer 2

*GDP (Gross Domestic Product) is the sum value of the final goods and services of the three sectors (Primary, Secondary and Tertiary) produced within a country during a particular year.

*In India, the task of measuring GDP is undertaken by a Central Government Ministry. This ministry, with the help of various government departments of all the Indian states and union territories, collects information relating to total volume of goods and services and their prices and then estimates the GDP.

*GDP shows how big the economy is.

*GDP growth rate is an important indicator of the economic performance of a country.

* GDP gives information about the size of the economy and how an economy is performing.An increase in GDP growth rate indicate good performance of the economy and development.

(For Class X students)