which agency fulfils the task of measuring GDP in India? Explain how it measures GDP.
Answers
Gross domestic product (GDP) is the single standard indicator used across the globe to indicate the health of an economy. Policy makers, investors, economists, businesses, bankers, politicians, and even the media keep a close watch on GDP estimates. GDP provides one single number that represents the monetary value of all the finished goods and services produced within a country's borders in a specific period. GDP may be easy to define but it is complex to calculate, and countries across the globe have different methods to arrive at their country's GDP. This article discusses how India calculates its GDP The GDP in India is calculated using two different methods, leading to differing figures that are nonetheless close in range. The first method is based on economic activity (at factor cost), and the second is based on expenditure (at market prices)
Answer:
Explanation:
Gross domestic product (GDP) is the single standard indicator used across the globe to indicate the health of an economy. Policy makers, investors, economists, businesses, bankers, politicians, and even the media keep a close watch on GDP estimates. GDP provides one single number that represents the monetary value of all the finished goods and services produced within a country's borders in a specific period. GDP may be easy to define but it is complex to calculate, and countries across the globe have different methods to arrive at their country's GDP. This article discusses how India calculates its GDP The GDP in India is calculated using two different methods, leading to differing figures that are nonetheless close in range. The first method is based on economic activity (at factor cost), and the second is based on expenditure (at market prices)
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