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What is the difference between GVA (basic price) & GDP?
Tax
Savings
Subsidies & Tax
Subsidy
Investment
- Gross Value Added (GVA) at basic prices measures the value of goods and services produced in an economy, minus the cost of goods and services used up in production. It excludes taxes and includes subsidies.
- Gross Domestic Product (GDP) includes the total value of goods and services produced, while incorporating taxes and excluding subsidies.
- The key difference between GDP and GVA lies in the inclusion of taxes and subsidies. GDP is calculated by adjusting GVA with taxes and subsidies.
- Correct Answer:
- Option 3 - Subsidies & Tax
By: Parvesh Mehta ProfileResourcesReport error
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