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National Income & Gross Domestic Product

📆 October 1, 2024

Total Questions: 55

41. Who was the chairman of National Income Committee appointed by the Government of India in 1949 ? [U.P.P.C.S. (Mains) 2015]

Correct Answer: (b) P.C. Mahalanobis
Solution:National Income Committee appointed by the Government of India in the year 1949 was chaired by Prof. P.C. Mahalanobis. Prof. D.R. Gadgil and Dr. V.K.R.V. Rao were members of this committee.

42. The economist who for the first time scientifically determined National Income in India : [B.P.S.C (Pre) 2016]

Correct Answer: (b) V.K.R.V. Rao
Solution:The first attempt to calculate National Income of India was made by Dadabhai Naoroji in 1867-68, while for the first time National Income of India was scientifically determined by Dr. V.K.R.V. Rao in 1931-32.

43. Which of the following offices or institutes releases data of the National Income in India. ? [U.P.S.C (Pre) (Re-Exam) 2020]

Correct Answer: (e) None of the above
Solution:In India, the estimates of National Income were prepared and released by the erstwhile Central Statistical Office (CSO) which was established in 1951 as the Central Statistical Organisation. At present, data of the National Income in India is estimated and released by the National Statistical Office (NSO), which is formed with the merger of the Central Statistical Office (CSO) and the National Sample Survey Office (NSSO) in 2019.

44. In India National Income is estimated by - [U.P.P.C.S. (Pre) 1995, 2006, U.P.P.C.S. (Mains) 2006, Uttarakhand P.C.S. (Pre) 2010]

Correct Answer: (b) Central Statistical Organisation
Solution:In India, the estimates of National Income were prepared and released by the erstwhile Central Statistical Office (CSO) which was established in 1951 as the Central Statistical Organisation. At present, data of the National Income in India is estimated and released by the National Statistical Office (NSO), which is formed with the merger of the Central Statistical Office (CSO) and the National Sample Survey Office (NSSO) in 2019.

45. The National Income of India is estimated by : [U.P.P.C.S. (Mains) 2012]

Correct Answer: (d) Central Statistical Organisation
Solution:In India, the estimates of National Income were prepared and released by the erstwhile Central Statistical Office (CSO) which was established in 1951 as the Central Statistical Organisation. At present, data of the National Income in India is estimated and released by the National Statistical Office (NSO), which is formed with the merger of the Central Statistical Office (CSO) and the National Sample Survey Office (NSSO) in 2019.

46. In India, National Income is computed by which of the following ? [M.P.P.C.S. (Pre) 2012, U.P.P.C.S. (Pre) 1995, Jharkhand P.C.S. (Pre) 2003, U.P. Lower Sub. (Pre) 2004, U.P.P.C.S. (Mains) 2008, 2010]

Correct Answer: (c) Central Statistical Organisation
Solution:In India, the estimates of National Income were prepared and released by the erstwhile Central Statistical Office (CSO) which was established in 1951 as the Central Statistical Organisation. At present, data of the National Income in India is estimated and released by the National Statistical Office (NSO), which is formed with the merger of the Central Statistical Office (CSO) and the National Sample Survey Office (NSSO) in 2019.

47. In India which agency is entrusted with the collection of data of capital formation ? [U.P. Lower Sub. (Pre) 2008]

Correct Answer: (a) RBI and Central Statistical Organisation
Solution:In India the data of Capital Formation is collected by the Reserve Bank of India and National Statistical Office (erstwhile CSO). K.N. Raj Committee (set up in 1981) on the method of estimation of saving and investment, specified the role of the RBI and the CSO in preparing the estimates of saving and investment. While the RBI was recommended to prepare the estimates for the private corporate business sector and on financial saving (except life insurance, provident and pension funds) of household sector, the estimates for the rest of the institutional sectors and components as well as total domestic saving were to be compiled by the CSO (now NSO).

48. 'Base year' in National Income accounting means : [R.A.S./R.T.S. (Pre) 2021]

Correct Answer: (c) The year whose prices are being used to calculate the real GDP
Solution:'Base year' in National Income accounting means - the year whose prices are being used as reference prices to calculate the real GDP or real National Income. At present, the base year for National Income accounting is 2011-12. For example if goods and services produced during the year 2023-24 are valued at the prices of the base year (i.e. 2011-12), it will be called National Income at constant prices.

49. Indicate the vital change in the measurement of National Income of India recently : [R.A.S./R.T.S. (Pre) (Re - Exam) 2013]

Correct Answer: (a) Both the base year and calculation method have changed.
Solution:The CSO, in 2015, replaced the GDP series with the base year 2004-05 with a new series that used 2011-12 as a baseline for national accounts. In the new series, the CSO did away with Gross Domestic Product (GDP) at factor cost and adopted the international practice of valuing industry-wise estimates as Gross Value Added (GVA) at basic prices. The new series has followed the guidelines of the United Nations' System of National Accounts (UNSNA) 2008, replacing the earlier template of UNSNA 1994. Thus, option (a) is the right answer.

50. In new GDP data, base year has been changed from 2004-05 to : [U.P.P.C.S. (Mains) 2015]

Correct Answer: (c) 2011-12
Solution:The CSO, in 2015, replaced the GDP series with the base year 2004-05 with a new series that used 2011-12 as a baseline for national accounts. In the new series, the CSO did away with Gross Domestic Product (GDP) at factor cost and adopted the international practice of valuing industry-wise estimates as Gross Value Added (GVA) at basic prices. The new series has followed the guidelines of the United Nations' System of National Accounts (UNSNA) 2008, replacing the earlier template of UNSNA 1994. Thus, option (a) is the right answer.
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