ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -GDP Annual Growth Rate in India averaged 5.90 percent from 1951 until 2022, reaching an all time high of 21.60 percent in the second quarter of 2021 and a record low of-23.20 percent in the second quarter of 2020.

Detailed explanation-3: -If your country’s GDP grows at 3% a year, the economy doubles in 72/3 or 24 years. If your growth slips to 2%, it will double in 36 years.

Detailed explanation-4: -The real economic growth rate is a measure of economic growth that adjusts for inflation and is expressed as a percentage. Real gross domestic product is an inflation-adjusted measure of the value of all goods and services produced in an economy.