BANKING AFFAIRS

Detailed explanation-1: -GVA= Gross Domestic Product + Subsidies on products – Taxes on products. The base year for the calculation of GVA has also been shifted to 2011-2012 from the earlier 2004-2005.

Detailed explanation-2: -Real gross domestic product (GDP) is expected to grow by 6.9 per cent in 2022-23 [projections revised down by 10 basis points (bps) from the last survey round]; it is expected to grow by 6.0 per cent in 2023-24 (Table 1).

Detailed explanation-3: -What is the difference between GVA & GDP? Gross value added (GVA) adds up the value of all goods and services produced in an economy after deducting the input costs, while gross domestic product (GDP) is a measure of the country’s national income by adding up the expenditures in the economy.

Detailed explanation-4: -India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.