The CSO adopted the concept of Gross Value Added in ______.

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Accepted Answer

Step 1: Definition

- Gross Value Added (GVA) measures the value of goods and services produced in an area, industry or sector of an economy. It is given by:

$	ext{GVA} = 	ext{Output} - 	ext{Intermediate Consumption}$

- Relationship with GDP:

$	ext{GDP at market prices} = 	ext{GVA at basic prices} + 	ext{Taxes on products} - 	ext{Subsidies on products}$

Step 2: CSO adoption

- The Central Statistical Office (CSO) revised India’s national accounts methodology and adopted GVA as the central measure when it released the new series with base year 2011–12. This methodological change was implemented in January 2015.

Step 3: Conclusion

- Therefore the correct choice is option (2): January 2015.

FINAL_ANSWER: b

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