Question

What is the gdp? Which agencies fulfill the task of measuring gdp in india. Explain how it measures gdp?

Answer 1

The GDP and its Importance. 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

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Answer 2

GDP stands for Gross Domestic Product.

It refers to the total value of the goods produced by a country in a Financial Year.

The CSO (Central Statistical Organisation) of Government of India fulfills the task of measuring GDP in India.

The Indian GDP is calculated by the Expenditure Method.

The expenditures approach says that GDP = consumption + investment + government expenditure + exports – imports.

The output approach is also called the “Net Product” or “Value Added” approach.

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