Question
Which of the following is the output of the country less
the intermediate consumption, which is the difference between gross output and net output?Solution
Gross value added is the output of the country less the intermediate consumption, which is the difference between gross output and net output. GVA= GDP + Subsidies on Products- Taxes. India’s economy grew 4.1% year-on-year in the January-March period of 2021-22 (Q4 FY22). NSO pared down the overall growth estimate for FY22 to 8.7% from the 8.8% projected in February. In FY22, all sectors except trade, hotels and communication services were above the pre-pandemic levels of FY20. Growth in private final consumption expenditure, or private spending, decelerated sequentially in Q4 to 1.8 per cent, proving to be the weakest link. Gross value added (GVA) at basic prices grew at 3.9% in the fourth quarter and 8.1% in FY22.
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