The answer to what is Gross Domestic Product (GDP) is that it is the final monetary value of all finished goods and services that a country produces in a specific duration. Gross Domestic Product measures the overall domestic production and provides insights into a country’s economic health.
In India, the agricultural, services and industrial sectors are the main contributors to the country’s GDP. The year 2011-12 is considered as the base year for the calculation.
Here is the formula for calculating GDP at market prices: GDP at factor cost + Indirect Taxes – Subsidies