Consider the following statements with regard to calculation of GDP in India 1 The Central Statistic...........

Economic Affairs Financial Institutions

Consider the following statements with regard to calculation of GDP in India

1.The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for macroeconomic data gathering.

2.The CSO relies on federal and state government agencies for the collection and compilation of data.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Both 1 and 2

The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for macroeconomic data gathering: This statement is correct. The CSO is indeed the nodal agency in India that is responsible for the compilation and release of macroeconomic data, including the Gross Domestic Product (GDP) figures. It operates under the Ministry of Statistics and Program Implementation.

The CSO relies on federal and state government agencies for the collection and compilation of data: This statement is also correct. The CSO collaborates with various federal and state government agencies to collect and compile the data necessary for the calculation of GDP and other macroeconomic indicators. The data collection involves coordination with multiple agencies to ensure comprehensive and accurate data.

Therefore, both statements are accurate.