New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Consider the following statements regarding India’s

    GDP data: 1. The National Statistical Office (NSO) is mandated to prepare national accounts as well as publish annual estimates of national product. 2. 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). 3. India’s economy for the first time in the last decade saw a negative quarterly growth rate in (April-June) Q1 of 2020-21. Which of the statements given above is/are correct?
    A 1 and 2 only Correct Answer Incorrect Answer
    B 1 and 3 only Correct Answer Incorrect Answer
    C 2 and 3 only Correct Answer Incorrect Answer
    D 1, 2 and 3 Correct Answer Incorrect Answer
    E 3 only Correct Answer Incorrect Answer

    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%.

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