Arrange the following historical milestones and methodological updates in India's national income accounting in correct chronological order from earliest to latest:
- 1Dadabhai Naoroji's first informal attempt to estimate India's national income
- 2Dr. V.K.R.V. Rao's first scientific measurement of India's national income
- 3Establishment of the official National Income Committee chaired by Prof. P.C. Mahalanobis
- 4Switch to Gross Value Added (GVA) at basic prices and base year revision to 2011–12
Answer
The correct chronological sequence begins with Dadabhai Naoroji's early estimate (1867–68), followed by Dr. V.K.R.V. Rao's scientific study (1931���32), the setting up of the National Income Committee (1949), and finally the adoption of GVA at basic prices with base year 2011–12 in 2015.
The correct timeline begins with Dadabhai Naoroji (1867–68), followed by Dr. V.K.R.V. Rao's scientific estimation (1931–32), the post-independence National Income Committee (1949), and concludes with the 2015 statistical revision to the 2011–12 base year adopting GVA at basic prices.
Step-by-Step Solution
Key Concept
Chronological evolution of Indian National Income Accounting
Estimated Time:1m 15s