The net domestic product (NDP) equals the gross domestic product (GDP) minus depreciation on a country's capital goods. Net domestic product accounts for capital that has been consumed over the year in the form of housing, vehicle, or machinery deterioration. The depreciation accounted for is often referred to as "capital consumption allowance" and represents the amount of capital that would be needed to replace those depreciated assets. If the country is not able to replace the capital stock lost through depreciation, then GDP will fall. In addition, a growing gap between GDP and NDP indicates increasing obsolescence of capital goods, while a narrowing gap means that the condition of capital stock in the country is improving. Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living; GDP per capita is not a measure of personal income (See Standard of living and GDP). Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross domestic income). GDP is related to national accounts, a subject in macroeconomics. GDP is not to be confused with gross national product (GNP) which allocates production based on ownership. The University Grants Commission (UGC) of India is a statutory organisation set up by Union government in 1956, for the coordination, determination and maintenance of standards of university education. It provides recognition for universities in India, and provides funds for government-recognised universities and colleges. Prof. Ved Prakash, a noted academician and education administrator, is the Chairman of UGC, India. Its headquarters are in New Delhi, and six regional centres in Pune, Bhopal, Kolkata, Hyderabad, Guwahati and Bangalore.