Even as fourth quarter GDP for the Indian economy came in at 7.5 percent, a data point that stood out is gross value added (GVA): at 6.1 percent growth. GVA is a measure of an economy's total output minus consumption -- the value of goods and services produced in the economy. "The GVA is essentially what is being retained by the producers post what the government is taking away as taxes and taking as subsidies. The overall cake is the GDP," Dr Pronab Sen, Chairman of Statistical Commission and Former Chief Statistician of India explained. In an interview with CNBC-TV18's Latha Venkatesh, Dr Sen, along with A Prasanna of ICICI Securities PD and HSBC India MD Hitendra Dave, discussed what the slowdown in GVA implies, what the outlook for growth is next year, and whether a rate cut will be on the cards next week.