The concept of value added was initially used in which year in india
Answers
ANSWER:
Value Added (VA) concept was initially used in India in the late 1790.
EXPLANATION:
Value added or VA is the wealth, an entity creates via the joint effort of management, employees, and capital. In economic term, VA is an enterprise output’s market price minus goods/services price obtained by transfer from other firms. VA can offer a valuable measure in evaluating performance and activities of a reporting entity. The Companies Act 1956, India does not necessitate a company to provide information about VA in corporate reporting.
However, corporations in both public/private sectors present the VA Statement together with the Profit and Loss Account/Balance Sheet in their company reports. A few liberal companies in India such as SAIL, CRL, MNTC, BHEL, PBCL, CCI, among others in the public sector and Infosys Technologies Ltd., Indian Rayon, Global Telesystem Ltd Escorts Ltd., Britannia Industries Ltd, among others in the private sector, are producing VA statements together with their financial statements in their annual financial reports.