RBI switches back to GDP model from GVA - TNPSC GURU - TNPSC Group 2A Results, cut offMark - TNPSC

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Thursday, April 12

RBI switches back to GDP model from GVA

TNPSC Current Affairs - April 2018 by TNPSC Guru 
  • Reserve Bank of India has switch backed to Gross Domestic product (GDP) based measure to calculate the Growth Estimates, from Gross Value added (GVA) methodology .
  • GVA methodology was adopted by government for Growth estimates from January 2015 , it also changed the base year to 2018 from January 2018.
  • The Basic Difference between GDP and GVA is that the GVA gives growth estimates from producer (supply side )and GDP gives growth estimates from consumer side (demand side).

 About GDP: 
Gross Domestic product means the total value of final Goods and services produced over a specific period of time within the boundary of country.

About GVA: 
  • Gross Value added is a measure of total output and income of the country.
  • It is the total value of final Goods and services produced in the country after deducting  cost of inputs and raw materials that used for producing those goods and services.


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