The correct answer to the question is option 4, which is Gross Domestic Product (GDP) at constant prices.
Gross Domestic Product measures the total value of goods and services produced within the country`s borders in a specific time period. It is considered as an important indicator of a country`s economic performance.
The growth rate of the Indian economy during 2015-2016 is calculated based on the GDP at constant prices, which means that the values are adjusted for inflation. This is important as it allows for a more accurate representation of the changes in the real output of the economy over time without being affected by the fluctuations in the price levels.
Options 1, 2, and 3 are not correct as they do not take into account the inflation factor. Gross National Product (GNP) at market prices (option 1) includes the production of residents of a country both domestically and abroad, but it doesn`t consider the impact of inflation. Gross Value Added (GVA) at constant prices (option 2) measures the value added by each sector of the economy but ignores the overall economic output. Gross Domestic Product at market prices (option 3) includes all final goods and services produced within the country`s borders, but doesn`t adjust for inflation