During the period between 1950 and 1990, the proportion of GDP contributed by agriculture significantly ________.

Question

Question

This question was previously asked in

SSC CGL 2022 Tier-I Official Paper (Held On : 08 Dec 2022 Shift 1)

Answer 1

The correct answer is Declined

Key Points

In India, the share of agriculture in the country's GDP decreased dramatically between 1950 and 1990 (from 67.5% to 64.9%), but not the population that depended on it.
A monetary indicator of the market worth of all the final goods and services produced and sold (not resold) in a certain time period by nations is the gross domestic product (GDP).
This measurement is frequently reviewed before being regarded as a valid indicator due to its subjective and complicated character. While nominal GDP is more useful for comparing national economies on the global market.
GDP (nominal) per capita does not account for variations in the cost of living and inflation rates of the various nations.
The contribution made by each industry or sector of the economy can also be calculated as a percentage of the total GDP.

Additional Information

Many national and international economic groups keep track of GDP definitions.
The GDP is defined by the Organisation for Economic Co-operation and Development (OECD) as "an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies on products not included in the value of their outputs)".
According to an IMF report, "GDP represents the monetary value of final goods and services that are purchased by the final user produced in a country in a certain period of time (say, a quarter or a year)."