Which of the following statements is/are correct regarding national income accounting in India?
1. Nominal GDP is calculated using constant base year prices to remove the effect of inflation.
2. The National Statistical Office (NSO) is responsible for releasing the estimates of National Income in India.

Question

Accepted Answer

B. 2 only — Statement 1 is incorrect because Nominal GDP is calculated at current market prices; it is Real GDP that uses constant base year prices to strip away the effects of inflation. Statement 2 is correct as the NSO under the Ministry of Statistics and Programme Implementation (MoSPI) releases the provisional estimates of national income.

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