  Indeed, the global production (as a system of creating values) is eventually
forming like a gigantic and complex network/web of value chains that explains
the transitional structures of global trade and development of the global
economy. It's truly a new wave of globalisation, and we term it as the global
value chains (GVCs), creating the nexus among firms, workers and consumers
around the globe. The emergence of this new scenario asks: how an economy's
firms, producers and workers connect in the global economy. And how are they
capturing the gains out of it in terms of different dimensions of economic
development? This GVC approach is very crucial for understanding the
organisation of the global industries and firms. It requires the statics and
dynamics of diverse players involved in this complex global production network.
Its broad notion deals with different global issues (including regional value
chains also) from the top down to the bottom up, founding a scope for policy
analysis (Gereffi & Fernandez-Stark 2011). But it is true that, as Feenstra
(1998) points out, any single computational framework is not sufficient to
quantification this whole range of economic activities. We should adopt an
integrative framework for accurate projection of this dynamic multidimensional
phenomenon.
