Consider the following statements related to measurement of economic growth:
1. Both quantitative and qualitative aspects are considered when measuring growth through Gross Value Added method.
2. India replaced GDP at Factor cost by Gross Value Added (GVA) at basic prices to measure economic growth in order to conform with the international standard.
Which of the following statements is/are correct?1
Only 1
2
Only 2
3
Both 1 and 2
4
Neither 1 nor 2