'Gross Domestic Product, is a good indicator of economic growth of a country'. Comment.

Solution

A steady increase in the Gross Domestic Product (GDP) is considered a good indicator of economic growth. The gross domestic product is the market value of all the goods and services produced in the country during a year. If the value of GDP is more, it will be divided among large number of people. It is necessary to produce more goods and services if the people of India are to enjoy a more rich and varied life.
The GDP of a country is derived from the different sectors of the economy, namely the agricultural sector, the industrial sector and the service sector. The contribution made by each of these sectors makes up the structural composition of the economy.

Some More Questions From Indian Economy 1950-1990 Chapter

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Indian Economy 1950-1990

'Gross Domestic Product, is a good indicator of economic growth of a country'. Comment.

Some More Questions From Indian Economy 1950-1990 Chapter

What is mixed economy?

What is meant by economic growth?

What structural change undergoes with development of the economy?

Name the sectors from which the GDP of a country is derived.

On which idea is the policy of 'land to tiller' is based?

Where is the provision for economic and social planning in our Constitution?

Why is agriculture called the backbone of Indian Economy?

What is meant by agriculture?

What are the main causes of backwardness of Indian agriculture?

What do you mean by land reforms?

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