10 June, 2020
5 Min Read
Gross Value Added
In 2015, India opted to make major changes to its compilation of national accounts and decided to bring the whole process into conformity with the United Nations System of National Accounts (SNA) of 2008.
The SNA is the internationally agreed standard set of recommendations on how to compile measures of economic activity. It describes a coherent, consistent and integrated set of macroeconomic accounts in the context of a set of internationally agreed concepts, definitions, classifications and accounting rules.
As per the SNA, GVA is defined as the value of output minus the value of intermediate consumption and is a measure of the contribution to growth made by an individual producer, industry or sector.
It provides the rupee value for the number of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services.
**Gross Value Added = GDP + subsidies on products - taxes on products
Earlier, India had been measuring GVA at ‘factor cost’ till the new methodology was adopted in which GVA at ‘basic prices’ became the primary measure of economic output.
The base year has also been shifted to 2011-12 from the earlier 2004-05. The NSO provides both quarterly and annual estimates of output of GVA. It provides sectoral classification data on eight broad categories that includes both goods produced and services provided in the economy. These are:
Importance of GVA
Issues with GVA
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