Question

Current base year for calculating GDP in India is

• A. 2010-2011
• B. 2011-2012
• C. 2013-2014
• D. 2017-2018

Answer 1

Answer:

B. 2011-2012

• The Central Statistics Office (CSO), which operates under the Ministry of Statistics and Programme Implementation (MoSPI), is responsible for the computation and revision of the base year for GDP calculations in India.
• The current base year for calculating India's Gross Domestic Product (GDP) and other macroeconomic indicators like Gross Value Added (GVA) is 2011-2012.
• This base year was implemented in January 2015, replacing the previous base year of 2004-2005.
• Changing the base year is a periodic exercise performed to incorporate structural changes in the economy, capture new economic activities, and update the price levels for more accurate measurement of real growth.
• The transition to the 2011-2012 series involved significant methodological changes, such as adopting the System of National Accounts (SNA) 2008 guidelines, which include the use of GVA at basic prices instead of the factor cost method for sectoral growth analysis.
• As of current policy discussions, there have been ongoing efforts by the government to shift the base year to a more recent period, such as 2020-2021 or 2021-2022, to better reflect the post-pandemic economic landscape, although the 2011-2012 series remains the official standard for comparative data until a formal notification is released.
• The National Statistical Commission (NSC) provides advisory oversight on the methodologies used by the government to ensure consistency with international standards.