Gross Domestic Product (GDP) is the monetary measure of all final goods and services produced within a country’s borders over a specific period, usually a year. It serves as a key indicator of economic health, reflecting the value added by various sectors: agriculture, industry, and services. GDP growth indicates economic expansion, while decline suggests contraction. It is used globally to compare economic performance and guide policy decisions. Despite its significance, GDP has limitations, as it does not account for income inequality, environmental degradation, or informal economic activities, thereby necessitating complementary measures for a comprehensive economic assessment【44:1†source】【44:3†source】【44:5†source】.
Introduction Significant highs and lows have marked India's economic journey over the last decade. The country experienced robust GDP growth…