Indian Economic Sector Measurement

Vocabulary terms explaining the transition from GDP to GVA in measuring India's economic sectors as per the lecture transcript.

Gross Value Added (GVA)

A measure of the contribution of the primary, secondary, and tertiary sectors of an economy after adjusting for taxes and subsidies.

Gross Domestic Product (GDP)

The measure previously used to show the contribution of economic sectors before the Indian Government shifted to GVA to align with global practices.

Primary, secondary and tertiary sectors

The three categories of an economy whose production of goods and services is measured to determine their total contribution.

Global practices

The international standards the Indian Government aimed to meet by adopting GVA as the primary metric for sectoral contribution.

GVA adjustments

The process of modifying the measurement of sectoral contributions by accounting for taxes and subsidies.