Q. Consider the following statements:
1.The Base Year was revised from 2004–05 to 2011–12 by the Central Statistics Office (CSO).
2.It was done in accordance with the recommendation of the National Statistical Commission (NSC).
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: The Central Statistics Office (CSO), in January 2015, released the new and revised data of National Accounts, effecting two changes:

  • The Base Year was revised from 2004–05 to 2011–12. This was done in accordance with the recommendation of the National Statistical Commission (NSC), which had advised to revise the base year of all economic indices every five years.
  • This time, the methodology of calculating the National Accounts has also been revised in line with the requirements of the System of National Accounts (SNA)-2008, an internationally accepted standard.

Source: Ramesh Singh