The base year for the current series of National Income Accounting -

Correct option is A

The correct answer is (a) CSO has changed from 2004-05 to 2011-12.
Explanation:
· The Central Statistical Office (CSO), which is responsible for the compilation of national income data, revised the base year for the calculation of National Income Accounting from 2004-05 to 2011-12. This change was implemented to reflect the more recent economic structure and price levels.
Important Key Points:
· The base year in National Income Accounting serves as a reference point to measure economic growth by comparing current economic activities with those of the base year.
· Changing the base year to a more recent year allows for more accurate measurement of economic performance, reflecting changes in production, consumption, and income patterns.
· The revision to 2011-12 as the base year was aimed at capturing the structural changes in the economy, including the impact of new sectors and technologies.
· The use of the 2011-12 base year also includes updated data from sources such as the National Sample Survey, Annual Survey of Industries, and Census, providing a more comprehensive picture of the economy.
· The revision of the base year is a standard practice in national accounting to ensure that the economic indicators accurately reflect current realities.
· The new base year (2011-12) reflects the modern economic conditions better, including the increased contribution of the services sector and the informal economy.
Knowledge Booster:
· 2005-06: An interim base year considered in some other statistical contexts but not in National Income Accounting.
· 1999-2000: Was used as the base year for some economic indicators before being updated to 2004-05.
· RBI: The Reserve Bank of India is responsible for monetary policy but not directly involved in base year determination for national income accounting.