Covid19 and Indian Economy

COVID-19 and Indian Economy

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Covid19 and Indian Economy

What is GDP? Why should we worry about it?

GDP, Gross Domestic Product, is an indicator of a nation’s economic condition. GDP is the total value of all goods and services produced in an economy in a certain period. Now, many of us have heard this definition many times, but we do not have any foggiest idea about its physical significance.

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We will start with a simple example.

Let us assume a hypothetical economy where everyone sells and purchases either apples or mangoes. Let’s say in the last year, a total of 1000 apples and 500 mangoes were produced, and the price of apples and mangoes were 10₹ and 15₹ respectively.

So the total GDP of our hypothetical economy in last year was = 1000×10+500 ×15 = 17,500₹

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