Consider the following statements regarding the Gross Value Added (GVA) method:
1. It is a measure of total output and income in the economy.
2. RBI uses GVA at basic prices based measures to offer its growth estimates of the Indian economy.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2