INDIAN ECONOMY OVERVIEW

Public finance is concerned with the revenue and expenditure of government entities. It is not a static field or subject matter, it is constantly expanding in response to changes in governmental activities and economic challenges. India's economy is a developing mixed economy. It is the sixth-largest economy in the world in terms of nominal GDP and the third-largest in terms of purchasing power parity. The fundamental distinction between public and private finance can be found in a variety of areas, including objectives, manner of financing, and resource amount.

Read more: About Indian economy

GROSS DOMESTIC PRODUCT (GDP)

It is the monetary value of all final goods and services produced within a country's economic zones in a given year. GDP is the entire value of products and services generated within the Indian territory.

Read more: What is GDP

GROSS NATIONAL PRODUCT (GNP)

The GNP of a country is the total value of the goods and services generated by its citizens in a given year. It is not geographically restricted. Since 2014, India's GDP has grown at the quickest rate of any major country in the world, overtaking China.

Read more: What is GNP