BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP decreases
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GDP increases
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No change
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Detailed explanation-1: -The Economic Survey 2019-20 noted that the expenditure on education by the centre and the states as a proportion of the Gross Domestic Product (GDP) has been around 3% between 2014-15 to 2018-19. The National Policy on Education 1968 recommended the spending on Education to be 6% of GDP.
Detailed explanation-2: -GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.
Detailed explanation-3: -Impact of Covid-19: According to the report, enrollment in school education from elementary to upper secondary is estimated to be around 25.57 crores in 2021-22. This is 19.36 lakh more than the number of students enrolled in 2020-21. However, enrolment in the school’s pre-primary sections fell by 11.5 lakh.
Detailed explanation-4: -The real economy – including all things that support human well-being – is much larger than the market economy estimated by GDP. GDP was never designed as a measure of overall societal well-being and its continued misuse for that purpose needs to stop.