The Gross Value Added of the services sector in an economy rose from ₹80 lakh crore to ₹88 lakh crore over one

Short Answer Questions · Q7

Q. The Gross Value Added of the services sector in an economy rose from ₹80 lakh crore to ₹88 lakh crore over one year. Calculate the percentage growth rate of the sector during the year.

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The formula for the percentage growth rate over one period is:

\text{Growth Rate} = \dfrac{\text{Final Value} - \text{Initial Value}}{\text{Initial Value}} \times 100

Given: Initial GVA = ₹80 lakh crore, Final GVA = ₹88 lakh crore.

Change in GVA = 88 − 80 = ₹8 lakh crore.

Growth rate = (8 ÷ 80) × 100 = 0.10 × 100 = 10%. …

Q.The Gross Value Added of the services sector in an economy rose from ₹80 lakh crore to ₹88 lakh crore over one year. Calculate the percentage growth rate of the sector during the year.