Q. Consider the following statements:
1.The reporting authority of Gross Domestic Product (GDP) in India is Central Statistics Office (CSO).
2.From January 2011 the CSO replaced GDP at factor cost with the GVA at basic prices for reporting the GDP.
Which of the statements given above is/are correct?
Explanation: In India, the most highlighted measure of national income has been the GDP at factor cost.
- The Central Statistics Office (CSO) of the Government of India has been reporting the GDP at factor cost and at market prices.
- In its revision in January 2015 the CSO replaced GDP at factor cost with the GVA at basic prices, and the GDP at market prices, which is now called only GDP, is now the most highlighted measure.
Source: NCERT – Macro economics