In India, we tend to obsess a lot about the growth rate of national income, worrying if it drops even a tenth of a percentage point below market expectations, and checking fiscal and monetary indicators with respect to the value of the national product. By contrast, we worry much less about the quality of that growth, or even its sectoral distribution. But surely the latter is more important, both for the conditions of people and the overall health of the economy now and in the future. According to trend seen the service-led trajectory of the Indian economy continues, while some of the more significant sectors from the point of view of employment and infrastructure have lagged behind. services have accounted for around 54 per cent of GDP in the last few years, and specifically during the tenure of the Modi government. But all services still cover only around a quarter of employment — and the bulk of those jobs are in low paid and productivity services (like pakoda selling) rather than the professional services that are expanding most rapidly in income terms. The primary sector, which continues to employ well over half the recorded work force, accounts for only around 18 per cent of GDP. Meanwhile manufacturing remains largely stable in terms of both income and employment shares, at around 18 per cent.

When will calculate GDP of the country, we consider various aspects to get a clear picture of the economy. According to you, normal wear and tear and foreseen obsolescence is considered under which of the following?

Depreciation

Depreciation refers to the normal wear and tear in the economy. We consider it to convert GDP to NDP i.e. GDP - depreciation = NDP or GNP to NNP i.e. GNP - depreciation = NNP