In the first quarter of 2021-22, India’s Gross Domestic Product (GDP) increased by 20.1 percent. A decrease of 24.4 percent was reported in the same quarter a year earlier. However, because to the second wave of COVID-19, economic activity remained well below pre-pandemic levels. According to the National Statistical Office (NSO), the economy’s Gross Value Added (GVA) increased 18.8% from April to June, compared to a 22.2 percent drop in the first quarter of 2020-21. Along with agriculture, forestry, and fisheries, electricity, gas, water supply, and other utility services were the only sectors to return beyond pre-pandemic levels in 2019-20.
The value of output less (minus) the value of intermediary consumption is known as gross value added (GVA). It’s a metric for determining a sector’s output or contribution. When such GVAs from all sectors (GVA) are combined together, taxes are added, and subsidies are reduced, the GDP is obtained (at market price). GVA, therefore, depicts a sector’s contribution to production, whereas GDP depicts the economy’s contribution to production.
Source: The Hindu