IN INDIA, OFFICIAL GDP CALCULATION METHOD HAS A LARGE NUMBER OF FLAWS
IN MANY CASES, GROWTH RATE OF LARGE SCALE SECTOR IS ATTRIBUTED TO SMALL UNITS
2024-02-02 11:42
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There are well-known problems associated with the concept of gross domestic product as well as with its measurement. The inclusion of the service sector within GDP is something that Adam Smith would have objected to on the conceptual grounds that those employed in this sector constituted “unproductive workers”; certainly in the former Soviet Union and East European socialist countries, it was not the GDP but the gross material product excluding the service sector that was considered the relevant measure.