In India, the task of calculating GDP is taken by the ____

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Detailed Solution

The Ministry of Statistics and Program Implementation is the one that is responsible for calculating GDP. Under this ministry, the central statistical office, or CSO, compiles the data required to estimate GDP. Gross Domestic Product, in simple terms, is the total of all goods and services produced within the country. A growing GDP will positively impact poverty, unemployment, and healthcare. GDP is of two types: real and nominal. Nominal GDP is calculated using current market prices, and real GDP is estimated using the prices of a base year. The base year is determined by the government regularly. Thus, the difference between real and nominal GDP reflects inflation.

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