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Yogita Ingle 6 years, 10 months ago
There are two ways of calculating GDP: First method is based on constant price, wherein, the rate of GDP and cost of production is determined on the basis of the value of a base year. Second method is based on the current price, wherein, inflation in the rate of production year is added into the GDP.
Gross Value Addition (GVA) = Total value of Production (Cost of the total sale of goods and services) – Intermediate consumption
The aggregate gross value of different economic activities is called production cost at Gross Domestic Product, in which, the addition of indirect tax and deduction of subsidy makes it product cost at market value.
Gross Domestic Product (GDP) on Production cost + Indirect Tax – Given subsidy = “Gross Domestic Product (GDP) on producer or market price”
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