Can anyone explain what is GDP and its calculations in a layman language?When Congress was asked as to how they would get fund for NYAY, to distribute Rs. 72000/- per year, to the 5 crore poorest of the poor, the Congress economists explain that the GDP rate has improved and what is required to be spent for NYAY is only a small percentage of it.
Now let us know what is GDP and how it is calculated. Also how the government can help the poor through this GDP. I want our knowledgeable members to explain it in a layman's language with suitable examples.