Base Year and Revision — Prelims Questions

With reference to India's base year revision for GDP calculation, consider the following statements: 1. India currently uses 2017-18 as the base year for GDP calculations 2. Base year revision is undertaken every 5 years as per international recommendations 3. The 2011-12 base year revision led to an increase in India's GDP size by approximately 25-30% 4. Base year revision only affects the calculation of GDP and not other economic indicators Which of the statements given above is/are correct?

The adoption of 2011-12 as the base year for India's GDP calculation involved which of the following changes? 1. Adoption of System of National Accounts (SNA) 2008 methodology 2. Introduction of Gross Value Added (GVA) at basic prices 3. Better coverage of the services sector 4. Exclusion of informal sector activities to improve accuracy Select the correct answer using the code given below:

Which of the following best explains why countries need to revise their base year for national income calculations periodically?

Consider the following statements about India's base year revision process: 1. The Central Statistics Office is the primary agency responsible for base year revision 2. Base year revision requires conducting comprehensive benchmark surveys 3. Historical GDP data is recalculated when the base year is revised 4. Base year revision affects only nominal GDP calculations, not real GDP Which of the statements given above are correct?

The concept of 'chain-linking' in national income accounting refers to: