GDP estimates by NSO
Part of: Prelims and GS-III Economy
Context The National Statistical Office (NSO) has said in its first advance estimates of economic output that India’s gross domestic product (GDP) is expected to grow by 9.2% in the current financial year following last fiscal’s 7.3% contraction.
- The NSO, however, made clear that these were “early projections” that did not factor in actual performance of various indicators as well as measures that may be taken to contain the spread of COVID-19.
National Statistical Office (NSO)
- The government has formed an overarching body NSO by merging the National Sample Survey Office (NSSO), Computer Centre and Central Statistical Office (CSO).
- NSO was first envisaged by Rangarajan Commission to implement and maintain statistical standards and coordinate statistical activities of Central and State agencies as laid down by the National Statistical Commission (NSC).
- NSO would be headed by Secretary (Statistics and Programme Implementation).
- Ministry: It is the statistical wing of the Ministry of Statistics and Programme Implementation (MoSPI).
- Key Functions
- Acts as the nodal agency for planned development of the statistical system in the country
- Lays down and maintains norms and standards in the field of statistics
- Prepares national accounts as well as publishes annual estimates of national product, government and private consumption expenditure.
- Maintains liaison with international statistical organizations
- Compiles and releases the Index of Industrial Production (IIP) every month and conducts the Annual Survey of Industries (ASI)
- Organizes and conducts periodic all-India Economic Censuses and follow-up enterprise surveys.
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