With reference to the estimation of Gross Domestic Product (GDP) in India, consider the following statements: 1. Real GDP is calculated using current market prices without adjusting for inflation. 2. The Advisory Committee on National Accounts Statistics (ACNAS), chaired by Biswanath Goldar, was tasked with updating the GDP base year to 2022-23. 3. The tertiary sector's contribution is accounted for in the Gross Value Added (GVA) calculations under National Income Accounting. Which of the statements given above is/are correct?

Question

Accepted Answer

B) 2 and 3 only — Statement 1 is incorrect because Real GDP is adjusted for inflation using a constant base year, whereas Nominal GDP is calculated using current market prices. Statements 2 and 3 are correct; the Biswanath Goldar committee was appointed to revise the base year to 2022-23, and the tertiary (services) sector is a key component of GVA estimation.

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