Question

Why India switched from GVA to GDP? *




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Answer 1

Answer:

GVA is considered a better gauge of the economy. GDP fails to gauge the real economic scenario because a sharp increase in the output can be due to higher tax collections which could be on account of better compliance or coverage, rather than the real output situation.

Explanation:

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Answer 2

Answer:

The Reserve Bank today switched back to the gross domestic product (GDP)-based measure to offer its growth estimates from the gross value added (GVA) methodology, citing global best practices. ... Deputy governor Viral Acharya today said the switch to GDP is mainly to conform to international standards.Apr