The revision of the base year is done periodically to reflect changes in the structure of the economy and the composition of commodities traded. A more recent base year provides a more accurate measure of inflation. The change to 2011-12 was made effective from April 2017 data.
The base year for All-India Wholesale Price Index (WPI) has been changed by the Government of India from 2004-05 to
Asked in BPSC Prelims Exam 63rd · Topic: National Income & Gross Domestic Product (Nominal vs. Real GDP and GDP Deflator)
More Economic Development questions
- Which of the following statements is/are correct? 1. GDP deflator captures the average price of an unchanging basket of commodities that constitutes the GDP of the country. 2. GDP deflator can be used to measure the real GDP of the economy but not the inflation rate. Select the correct answer using the code given below.
- Indexation is a method whose use can be associated with which one of the following ?
- If the price index increased from 100 in 2021 to 110 in 2022 to 132 in 2023, then the rate of inflation is :
- Nominal (GDP) is
- Current Production of Goods and Services × Current Prices = ______, and Current Production of Goods and Services × Base year Prices = ______.
- Which one of the following is taken as the Base Year for estimating GDP at constant prices in India during 2012-13 ?
- For measuring Gross Domestic Product (GDP) at constant prices in India, which of the following years was taken as the base year during 2012-13?
- Recently the Government of India has decided to revise the base year for estimating the GDP from :