what is gdp?what relation does it have to the sectors of indian ecomomy

Gross domestic product (GDP) is defined by OECD as "an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)."[2] GDP estimates are commonly used to measure of the economic output of a whole country or region, but can also measure the relative contribution of an industry sector. This is possible because GDP is a measure of 'value added' rather than sales; it adds each firm's value added (the value of its output minus the value of goods that are used up in producing it). For example, a firm buys steel and adds value to it by producing a car; double counting would occur if GDP added together the value of the steel and the value of the car.[3] The more familiar use of GDP estimates is to calculate the growth of the economy from year to year (and recently from quarter to quarter). The pattern of GDP growth is held to indicate the success or failure of economic policy and to determine whether an economy is 'in recession'.

manudimpu manudimpu · Answer 2 · 2014-09-19T13:01:00+05:30

GDP : (gross domestic price) the final goods and services produced with in a country during a final economic year.Gdp records the market value of all final and services produced. But there are many items that are not sold/purchased in the market. one important example is the work that is done at home like cooking,cleaning,organizing,bringing up children, tending to plants and cattle.etc.in most instances,these do not involve any monetary transaction and therefore remain outside the GDP measure,through they are extremely important for the economy.Also,the unpaid work is done mostly by women even today,in india and across the globe.

Hope this answer help's you ....................Thank you......