Question : In which year did the Central Statistical Office adopt the GVA concept in India?
Option 1: 2012
Option 2: 2015
Option 3: 1993
Option 4: 2010
Correct Answer: 2015
Solution : The correct option is - 2015
In order to more accurately estimate economic activity, the Central Statistics Office (CSO) abandoned GDP at factor cost in 2015 and switched to the global practice of GDP at market price and the Gross Value Addition (GVA) measure. An economic productivity metric known as gross value added, or GVA, quantifies the contribution of a corporation, subsidiary, or municipality to an economy, producer, sector, or area.
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