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Consider the following statements.
1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.
2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).
3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.
Which of the above statements is/are correct?
- a)3 only
- b)1, 3
- c)2, 3
- d)1, 2, 3
Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements.1. Generally in the Indian Economy, ...
Statement 1:
Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.
Explanation:
- Gross Value Added (GVA) is the measure of the value of goods and services produced in an economy, minus the value of intermediate consumption. It gives a more accurate picture of the performance of different sectors of the economy.
- Gross Domestic Product (GDP) is the total value of goods and services produced in an economy.
- GVA at constant prices takes into account the inflationary effects by using a base year, while GDP at constant prices also adjusts for changes in the volume of production.
- In the Indian economy, GVA at constant prices is generally more than GDP at constant prices because there is usually inflationary pressure on prices. This means that the increase in prices is greater than the increase in the volume of production. Therefore, GVA, which adjusts for inflation, is higher than GDP.
Statement 2:
Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).
Explanation:
- The agriculture sector plays a significant role in the Indian economy as it employs a large portion of the population and contributes to food security.
- In terms of Gross Value Added (GVA), the agriculture sector's contribution is significant, but it varies over time.
- According to the latest available data, the agriculture sector's contribution to GVA in India is around 14-15%. This percentage is lower than 20%, so statement 2 is incorrect.
Statement 3:
Among agriculture, Industry, and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.
Explanation:
- The Covid-19 pandemic had a significant impact on various sectors of the Indian economy, including agriculture, industry, and mining.
- However, the agricultural sector was relatively less impacted compared to the other sectors.
- The government took several measures to support the agriculture sector during the pandemic, such as providing financial assistance, ensuring the availability of agricultural inputs, and facilitating the movement of agricultural produce.
- Agriculture being an essential sector for food production and livelihoods, the disruptions were comparatively lower.
- On the other hand, industries and mining faced challenges due to lockdowns, supply chain disruptions, and reduced demand.
- Therefore, statement 3 is correct.
Conclusion:
- Among the given statements, statement 3 is the only correct statement. The other two statements are incorrect.
Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.
Explanation:
- Gross Value Added (GVA) is the measure of the value of goods and services produced in an economy, minus the value of intermediate consumption. It gives a more accurate picture of the performance of different sectors of the economy.
- Gross Domestic Product (GDP) is the total value of goods and services produced in an economy.
- GVA at constant prices takes into account the inflationary effects by using a base year, while GDP at constant prices also adjusts for changes in the volume of production.
- In the Indian economy, GVA at constant prices is generally more than GDP at constant prices because there is usually inflationary pressure on prices. This means that the increase in prices is greater than the increase in the volume of production. Therefore, GVA, which adjusts for inflation, is higher than GDP.
Statement 2:
Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).
Explanation:
- The agriculture sector plays a significant role in the Indian economy as it employs a large portion of the population and contributes to food security.
- In terms of Gross Value Added (GVA), the agriculture sector's contribution is significant, but it varies over time.
- According to the latest available data, the agriculture sector's contribution to GVA in India is around 14-15%. This percentage is lower than 20%, so statement 2 is incorrect.
Statement 3:
Among agriculture, Industry, and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.
Explanation:
- The Covid-19 pandemic had a significant impact on various sectors of the Indian economy, including agriculture, industry, and mining.
- However, the agricultural sector was relatively less impacted compared to the other sectors.
- The government took several measures to support the agriculture sector during the pandemic, such as providing financial assistance, ensuring the availability of agricultural inputs, and facilitating the movement of agricultural produce.
- Agriculture being an essential sector for food production and livelihoods, the disruptions were comparatively lower.
- On the other hand, industries and mining faced challenges due to lockdowns, supply chain disruptions, and reduced demand.
- Therefore, statement 3 is correct.
Conclusion:
- Among the given statements, statement 3 is the only correct statement. The other two statements are incorrect.
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Consider the following statements.1. Generally in the Indian Economy, ...
The agricultural sector was the least impacted by the pandemic-related disruptions. This sector now accounts for 18.8 per cent of GVA
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Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer?.
Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements.1. Generally in the Indian Economy, the GVA at constant prices is more than the GDP at constant prices.2. Agriculture sector accounts for more than 20 percent in nominal Gross value added (GVA).3. Among agriculture, Industry and mining sectors, the agricultural sector was the least impacted by the Covid-19 pandemic-related disruptions.Which of the above statements is/are correct?a)3 onlyb)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer?.
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