The gross domestic product (GDP) is the measure of national income and output for a given country's economy. India with its robust economic growth stands at 9th position in terms of its value of GDP. The growth of GDP in 2015-16 has been estimated to be 7.6%.
Let's attempt a question on this area.
Question 1: Which of the following statements is incorrect with respect to GDP of India?
a) The GDP is close to $ 2 trillion.
b) The GDP of India stands at 3.34% of the world economy.
c) The base year for calculation of GDP is 2011-12.
d) The GDP in India is measured at the factor cost.
Answer
1) d. The GDP in India is measured by the gross value added method at base price.
