Q. Consider the following statements:

1. The Central Statistics Office (CSO) of the Government of India has been reporting the GDP at factor cost only.
2. Gross Value Addition (GVA) is the value of total output produced in the economy less the value of intermediate consumption.

Which of the above is / are correct?
Answer: Only 2
Notes: The first statement is not correct. In India, the most highlighted measure of national income has been the GDP at factor cost. However, the Central Statistics Office (CSO) of the Government of India has been reporting the GDP at factor cost and at market prices. In its revision in January 2015 the CSO replaced GDP at factor cost with the GVA at basic prices, and the GDP at market prices, which is now called only GDP, is now the most highlighted measure. The second statement is correct however. Gross Value Addition (GVA) is the value of total output produced in the economy less the value of intermediate consumption.