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

Correct option is B

Correct Answer: (b) January 2015
The Central Statistics Office (CSO) adopted the concept of Gross Value Added (GVA) in January 2015, aligning with international standards recommended by the United Nations System of National Accounts (UNSNA).

The adoption of GVA at basic prices replaced the earlier method of calculating GDP at factor cost, bringing India's national income estimation in line with global practices.
What is Gross Value Added (GVA)?
● GVA represents the value of goods and services produced in an economy after deducting the cost of intermediate goods and services.
● It serves as a key indicator of economic productivity, used to measure the contribution of different sectors to the economy.
● GVA is calculated as:
GVA = GDP + Subsidies - Taxes
● It is estimated at basic prices, unlike GDP, which is measured at market prices.
Information Booster:

Evolution of GVA in India
● Before 2015: India's GDP was calculated at factor cost, which accounted for production costs but not indirect taxes and subsidies.
● After 2015: The CSO switched to GVA at basic prices, making India’s national income accounting comparable with global standards.
● Sector-wise GVA data is now used to analyze agriculture, industry, and services sector performance separately.

Central Statistics Office (CSO)
The Central Statistics Office (CSO) is a key statistical body under the Ministry of Statistics and Programme Implementation (MoSPI). It is responsible for compiling and releasing crucial economic data related to national income, inflation, industrial production, and employment.
Functions of CSO:
● National Income Estimation – It compiles data on Gross Domestic Product (GDP), Gross Value Added (GVA), and Net National Income (NNI).
● Industrial and Economic Statistics – Publishes the Index of Industrial Production (IIP) and Annual Survey of Industries (ASI).
● Price Statistics – Provides inflation data based on the Consumer Price Index (CPI) and Wholesale Price Index (WPI).

Other Key Statistical and Economic Organisations in India:
1. National Statistical Office (NSO)
● Formed in 2019 by merging CSO and National Sample Survey Office (NSSO) under MoSPI.
● Responsible for data collection, sample surveys, and national statistics.
● Publishes Periodic Labour Force Survey (PLFS), Socio-Economic Indicators, and Employment Data.