Consider the following statements about the revised GDP gross domestic product estimation techniques...........

Economic Affairs Growth and Indicators

Consider the following statements about the revised GDP (gross domestic product) estimation techniques

1. The base year for GDP calculation has been revised from 2004-05 to 2011-12.

2. The new estimates are based on GDP at Factor Cost instead of GDP at Market Prices.

Select the correct answer using the codes given below

1 only

2 only

Both are correct

None is correct

The GDP is now calculated at Market Prices instead of earlier practices of calculating at Factor cost.

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