National income estimation in India has evolved through significant individual scientific contributions, institutional setups, and major methodological revisions. Arrange the following historical milestones in the evolution of National Income Accounting in India in correct chronological order from the earliest to the latest.
- 1First scientific and systematic estimation of national income of India by Dr. V.K.R.V. Rao (for the benchmark year 1931–32)
- 2Constitution of the high-powered National Income Committee chaired by Prof. P.C. Mahalanobis
- 3Establishment of the Central Statistical Organisation (CSO) to publish official annual national income statistics
- 4Methodological transition to Gross Value Added (GVA) at basic prices and updating the national accounting base year to 2011–12
Answer
The correct chronological sequence from earliest to latest is: (1) Dr. V.K.R.V. Rao's scientific estimation (1931–32), (2) Constitution of the Mahalanobis National Income Committee (1949), (3) Establishment of the Central Statistical Organisation (1951), and (4) Adoption of the 2011–12 base year with GVA at basic prices (2015).
The correct chronological progression begins with Dr. V.K.R.V. Rao's pioneering scientific work for the 1931–32 estimation. Post-independence, the Government formed the National Income Committee under Prof. P.C. Mahalanobis in August 1949. To institutionalize national income compilation, the Central Statistical Organisation was established in May 1951. Modern structural accounting reforms occurred in January 2015 with the revision of the base year to 2011–12 and the introduction of GVA at basic prices.
Step-by-Step Solution
Key Concept
Chronological evolution of National Income estimation and accounting methodology in India.