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The economy of Punjab is the 16th largest state economy in India with ₹ 8.02 lakh crore (US$92 billion) [1] in gross domestic product (GDP) for the 2024-25 fiscal year. It's per capita GDP ranks 19th amongst Indian states with US$3,338 (264,000).
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
[12] The modern concept of GDP was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms). [13] After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. [14]
Research in the economics of the determinants behind long-run economic growth has followed its own course. [32] The Harrod-Domar model from the 1940s attempted to build a long-run growth model inspired by Keynesian demand-driven considerations. [ 33 ]
Economic models can be such powerful tools in understanding some economic relationships that it is easy to ignore their limitations. One tangible example where the limits of economic models allegedly collided with reality, but were nevertheless accepted as "evidence" in public policy debates, involved models to simulate the effects of NAFTA ...
The motivation for creating a green GDP originates from the inherent limitations of GDP as an indicator of economic performance and social progress. GDP assesses gross output alone, without identifying the wealth and assets that underlie output. [4] GDP does not account for significant or permanent depletion, or replenishment, of these assets.
Many of the states of India have large GDP (called gross state product) which would rank highly on a list of countries by GDP. These figures are based on the World Bank list on List of countries by GDP (PPP) for world GDP, and the States of India by size of economy figures.
As an abstract example consider an economy whose total output (GDP) grows at 3% per year. Over the same period its capital stock grows at 6% per year and its labor force by 1%. The contribution of the growth rate of capital to output is equal to that growth rate weighted by the share of capital in total output and the contribution of labor is ...