Consider the following statements regarding India’s

Solution

Statement 1 is correct. The Ministry of Statistics and Programme Implementation has two wings, one relating to Statistics and the other Programme Implementation.  The Statistics Wing called the National Statistical Office (NSO) consists of the Central Statistical Office (CSO), the Computer center and the National Sample Survey Office (NSSO). NSO, among other its functions, prepares national accounts as well as publishes annual estimates of national product, government and private consumption expenditure, capital formation, savings, estimates of capital stock and consumption of fixed capital, as also the state level gross capital formation of supra-regional sectors and prepares comparable estimates of State Domestic Product (SDP) at current prices. Statement 2 is correct. India’s economy contracted by a historic 23.9% in the June quarter, marking the sharpest drop in the country’s growth numbers in more than 40 years. Data released by the National Statistical Office recently shows that manufacturing, construction and trade sectors experienced massive contraction at 39.3%, 50.3%, 47%, respectively. The last contraction of the economy occurred in 1979-80, when GDP shrank 5.2%.