Consider the following statements related to national income calculation:

1. India opted for measuring GVA at ‘factor cost’ instead of GDP at ‘basic prices' as the primary measure of economic output since 2015.

2. Non-factor incomes are not included in the calculation of national income.

3. Production taxes are dependent on the quantity of production.

Which of the following statements is/ are correct?

1
1 Only
2
2 Only
3
2 and 3 
4
1, 2 and 3
5
Question Not Attempted

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