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With reference to the First Advance Estimates (FAE), consider the following statements:
1. It has been estimated that real GDP at 2011-12 prices in 2020-21 will contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent.
2. Real GDP contracted by 45.7 percent in the first half of 2020-21, as per NSO's quarterly estimates.
Which of the statements given above is/are correct?       
  • a)
    1 only        
  • b)
    2 only        
  • c)
    Both 1 and 2        
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
With reference to the First Advance Estimates (FAE), consider the foll...
The Ministry of Statistics and Programme Implementation (MoSPI) released the First Advance Estimates (FAE) for the current financial year.
The real GDP at 2011-12 prices in 2020-21 has been estimated to contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent.
As per quarterly estimates of NSO, real GDP contracted by 15.7 percent in first half of 2020-21.
  • On the demand side, real GDP in 2020-21 has been supported by an estimated increase in Government Consumption Expenditure by 5.8 percent.
  • On the supply side, agriculture is estimated to register a positive growth of 3.4 percent against 4.0 percent as per the PE of 2019-20.
  • In the manufacturing sector, electricity sector is estimated to register a positive growth of 2.7 percent.
  • The pandemic and associated public health measures have adversely affected the contact-sensitive services sector where trade, hotels, transport & communication are estimated to contract by 21.4 percent in FY:2020-21.
  • For any financial year, the MoSPI provides regular estimates of GDP. The first such instance is through the FAE. The FAE for any particular financial year is typically presented on January 7th.
  • Their significance lies in the fact that they are the GDP estimates that the Union Finance Ministry uses to decide its Budget allocations.
  • The FAE will be quickly updated as more information becomes available. On February 26th, MoSPI will come out with the Second Advance Estimates of GDP for the current year.
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With reference to the First Advance Estimates (FAE), consider the following statements:1. It has been estimated that real GDP at 2011-12 prices in 2020-21 will contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent.2. Real GDP contracted by 45.7 percent in the first half of 2020-21, as per NSOs quarterly estimates.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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With reference to the First Advance Estimates (FAE), consider the following statements:1. It has been estimated that real GDP at 2011-12 prices in 2020-21 will contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent.2. Real GDP contracted by 45.7 percent in the first half of 2020-21, as per NSOs quarterly estimates.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the First Advance Estimates (FAE), consider the following statements:1. It has been estimated that real GDP at 2011-12 prices in 2020-21 will contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent.2. Real GDP contracted by 45.7 percent in the first half of 2020-21, as per NSOs quarterly estimates.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the First Advance Estimates (FAE), consider the following statements:1. It has been estimated that real GDP at 2011-12 prices in 2020-21 will contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent.2. Real GDP contracted by 45.7 percent in the first half of 2020-21, as per NSOs quarterly estimates.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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