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High GDP by 2022 and Crisis


Gross Domestic Product

GDP is the final monetary value of the goods and services produced within the country during a specific period, normally a year.

Three main sectors that contribute to GDP in India

1. Agriculture

2. Industry

3. Services


GDP is measured over market prices and there is a base year for the computation. Nominal GDP is the value of all final goods and services that an economy produced during a given year. GDP can be calculated in three ways, using expenditures, production, or incomes. It can be adjusted for inflation and population to provide deeper insights.


In January 2015, the government moved to the new base year of 2011-12 from the earlier the base year of 2004-05 for national accounts. The base year of national accounts had previously been revised in January 2010. In the new series, the Central Statistics Office (CSO) did away with GDP at factor cost and adopted the international practice of valuing industry-wise estimates in gross value added (GVA) at basic prices.

 - Business Standard

Nowadays GDP rises along with inflation and the crisis because some sectors may remain untouched by business environmental factors or due to the growth phase of the country.