With reference to the Indian economy, consider the following statements:

Question

The National Statistical Office (NSO) has released new numbers pertaining to annual and quarterly national income for 2020-21, 2021-22, and 2022-23.

According to NSO's second advance estimate (SAE), India suffered a contraction of (-) 5.7% in 2020-21.

Gross fixed capital formation to GDP ratio in nominal terms is 29.2% in 2022-23.

In Q3 of 2022-23, real GDP growth was at 13.2%.

 

How many statements given above are correct?

 

(a) Only one statement

(b) Only two statements

(c) Only three statements

(d) All four statements

Answer 1

Answer: [Option b] Only two statements are correct.

 

Explanation: The first and fourth statements are incorrect. While the NSO has released new numbers pertaining to annual and quarterly national income, Q3 of 2022-23 had a real GDP growth rate of 4.4%, not 13.2%. The second statement is correct, as per NSO's second advance estimate (SAE), India suffered a contraction of (-) 5.7% in 2020-21. The third statement is also correct; the gross fixed capital formation to GDP ratio in nominal terms is 29.2% in 2022-23.