• Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders over a specific period.
• GDP is calculated using either the expenditure approach or the income approach. The expenditure approach adds up the spending on goods and services by households, governments, and businesses. The income approach sums up the incomes earned by individuals and businesses.
• GDP is significant in India for several reasons:
• It provides a measure of the size and growth of the economy, reflecting the overall economic performance of the country.
• GDP helps in comparing the economic performance of India with other countries.
• It guides policymakers in formulating economic strategies and policies.
• Changes in GDP provide insights into the state of employment, income, and standard of living in the country.
• GDP growth is often regarded as a key indicator of a nation's economic health and stability.

Overall, GDP serves as a crucial metric for monitoring and analyzing the Indian economy's performance and informing decision-making at various levels.