Question

What is the meaning of Real Gross Domestic Product?

Answer 1

Answer:

Real GDP is the sum-total of the economic output produced in a year values at a pre-determined base market price.

Answer 2

Answer:

Explanation:

Any country's development index is depend on this parameter.

It is calculated as total number of products and services generated in an year.

For a thriving economy like India, it is an important index of development.

The services and products are classified in 3 sectors for India.

• Primary or Agricultrue and allied sector.
• Secondary or Manufacturing sector.
• Tertiary or service sector.

The major contributor of GDP in India is of service sector, followed by manufacturing sector and followed by primary sector

• GDP acts as benchmark of development and increase or decrease in it impact economy in various ways.

• For an estimate made by world bank the GDP of India is slated to grow around 7% for the current fiscal year of 2019.