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