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Topic 165 · Economy, Budget & Banking

Rebasing India's GDP, IIP and CPI series

10 MCQs · tap an option to check it · All answers

Revise the 12 points first Book 1 RATNA
  1. Core Trigger: In 2026 MoSPI moved GDP and IIP to base year 2022-23, from 2011-12, and CPI to base year 2024.
  2. New Methods: The GDP series uses double deflation, supply-use tables and data from ASUSE, PLFS, GST and e-Vahan.
  3. Current Head: Mansukh Mandaviya holds Labour and Employment and Youth Affairs and Sports; MoSPI is the statistics ministry.
  4. Key Term: A trial Index of Services Production was launched, with base 2024-25 and 19 sub-sectors.
  5. Data: FY26 growth was estimated at 7.6 per cent; IIP grew 4.9 per cent in April and 7.3 per cent in June 2026.
  6. New CPI: The new CPI uses COICOP 2018, 12 divisions and 358 items; rural house rent is included for the first time.
  7. India Link: The RBI's 4 per cent (plus or minus 2) target is set on CPI; January inflation was 2.75 per cent.
  8. Headquarters: MoSPI and the National Statistical Office are headquartered in New Delhi.
  9. Founded: The Central Statistical Office was set up in 1951; the NSO was formed in 2019 by merging the CSO and NSSO.
  10. Landmark: The RBI Act was amended in 2016 to create the Monetary Policy Committee and a statutory inflation-targeting framework.
  11. Statistics Law: Union List Entry 94 covers statistics; the Collection of Statistics Act, 2008 governs collection.
  12. Doctrine: Double deflation deflates output and inputs separately, then subtracts them to measure real value added.
Question 1 of 10

To which base year was India's GDP series rebased in 2026?

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Answer: (A) 2022-23

Core Trigger: In 2026 MoSPI moved GDP and IIP to base year 2022-23, from 2011-12, and CPI to base year 2024.From Book 1 RATNA, topic 165, point 1

Question 2 of 10

Which data source feeds the new GDP series?

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Answer: (D) e-Vahan

New Methods: The GDP series uses double deflation, supply-use tables and data from ASUSE, PLFS, GST and e-Vahan.From Book 1 RATNA, topic 165, point 2

Question 3 of 10

Which Union Minister oversees the statistics ministry MoSPI along with Labour and Employment?

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Answer: (C) Mansukh Mandaviya

Current Head: Mansukh Mandaviya holds Labour and Employment and Youth Affairs and Sports; MoSPI is the statistics ministry.From Book 1 RATNA, topic 165, point 3

Question 4 of 10

The trial Index of Services Production uses which base year?

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Answer: (D) 2024-25

Key Term: A trial Index of Services Production was launched, with base 2024-25 and 19 sub-sectors.From Book 1 RATNA, topic 165, point 4

Question 5 of 10

FY26 GDP growth was estimated at what per cent?

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Answer: (A) 7.6

Data: FY26 growth was estimated at 7.6 per cent; IIP grew 4.9 per cent in April and 7.3 per cent in June 2026.From Book 1 RATNA, topic 165, point 5

Question 6 of 10

How many items does the new CPI basket contain?

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Answer: (B) 358

New CPI: The new CPI uses COICOP 2018, 12 divisions and 358 items; rural house rent is included for the first time.From Book 1 RATNA, topic 165, point 6

Question 7 of 10

Where are MoSPI and the National Statistical Office headquartered?

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Answer: (C) New Delhi

Headquarters: MoSPI and the National Statistical Office are headquartered in New Delhi.From Book 1 RATNA, topic 165, point 8

Question 8 of 10

Consider: 1. The Central Statistical Office was set up in 1951. 2. The NSO was formed in 2019 by merging the CSO and NSSO. Which is/are correct?

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Answer: (C) Both 1 and 2

Founded: The Central Statistical Office was set up in 1951; the NSO was formed in 2019 by merging the CSO and NSSO.From Book 1 RATNA, topic 165, point 9

Question 9 of 10

The RBI Act amendment of which year created the Monetary Policy Committee?

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Answer: (A) 2016

Landmark: The RBI Act was amended in 2016 to create the Monetary Policy Committee and a statutory inflation-targeting framework.From Book 1 RATNA, topic 165, point 10

Question 10 of 10

Consider: 1. Union List Entry 94 covers statistics. 2. The Collection of Statistics Act dates from 1998. Which is/are correct?

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Answer: (A) Only 1

Statistics Law: Union List Entry 94 covers statistics; the Collection of Statistics Act, 2008 governs collection.From Book 1 RATNA, topic 165, point 11

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