what is indian gdp and how to calculate
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22
Calculating GDP is extremely important has the performance of the economy is fixed by means of this method. The results would help the country to forecast the economic progress, determine the demand and supply, understand the buying power of the people, the per capita income, the position of the economy in the global arena. The Indian GDP is calculated by the expenditure method.
The method of Calculating India GDP is the expenditure method, which is, GDP = consumption + investment + (government spending) + (exports-imports) and the formula is GDP = C + I + G + (X-M)
Where,
“C” stands for consumption which includes personal expenditures pertaining to food, households, medical expenses, rent, etc
“I” stands for business investment as capital which includes construction of a new mine, purchase of machinery and equipment for a factory, purchase of software, expenditure on new houses, buying goods and services but investments on financial products is not included as it falls under savings
“G” stands for the total government expenditures on final goods and services which includes investment expenditure by the government, purchase of weapons for the military, and salaries of public servants
“X” stands for gross exports which includes all goods and services produced for overseas consumption
“M” stands for gross imports which includes any goods or services imported for consumption and it should be deducted to prevent from calculating foreign supply as domestic supply
The method of Calculating India GDP is the expenditure method, which is, GDP = consumption + investment + (government spending) + (exports-imports) and the formula is GDP = C + I + G + (X-M)
Where,
“C” stands for consumption which includes personal expenditures pertaining to food, households, medical expenses, rent, etc
“I” stands for business investment as capital which includes construction of a new mine, purchase of machinery and equipment for a factory, purchase of software, expenditure on new houses, buying goods and services but investments on financial products is not included as it falls under savings
“G” stands for the total government expenditures on final goods and services which includes investment expenditure by the government, purchase of weapons for the military, and salaries of public servants
“X” stands for gross exports which includes all goods and services produced for overseas consumption
“M” stands for gross imports which includes any goods or services imported for consumption and it should be deducted to prevent from calculating foreign supply as domestic supply
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25
Hello dear friend
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Here is your answer
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The some of the value of all final goods and services produced in all the three sectors in a particular year is called Gross Domestic Product or GDP of a country.
GDP indicates the size of the economy of a country. It is the market value of all the final goods and services produced by all sectors.
The task of estimating the GDP in India is undertaken by the central statistical office (CSO) working under Ministry of statistics and programme implementation, government of India. This department collects information related to total volume of goods and services with their prices to estimate the GDP.
Our country ranks 141st in per capita income 2018
______________
Here is your answer
==================
The some of the value of all final goods and services produced in all the three sectors in a particular year is called Gross Domestic Product or GDP of a country.
GDP indicates the size of the economy of a country. It is the market value of all the final goods and services produced by all sectors.
The task of estimating the GDP in India is undertaken by the central statistical office (CSO) working under Ministry of statistics and programme implementation, government of India. This department collects information related to total volume of goods and services with their prices to estimate the GDP.
Our country ranks 141st in per capita income 2018
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