Consider the following statements regarding the World Banks International Comparison Program (ICP) often seen in news:1. Under it, the World Bank releases Purchasing Power Parities (PPPs) that adjust for differences in the cost of living across economies of the World.2. The Ministry of Statistics and Programme Implementation is the national implementing agency for India for coordinating and implementing national ICP activities.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding the World Bank's International Comparison Program (ICP) often seen in news:
1. Under it, the World Bank releases Purchasing Power Parities (PPPs) that adjust for differences in the cost of living across economies of the World.
2. The Ministry of Statistics and Programme Implementation is the national implementing agency for India for coordinating and implementing national ICP activities.
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 'C'. Can you explain this answer?

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Consider the following statements regarding the World Banks Internatio...

Recent Context: The World Bank has released new Purchasing Power Parities (PPPs) for the reference year 2017, under the International Comparison Program (ICP), that adjusts for differences in the cost of living across economies of the World. Globally 176 economies participated in the 2017 cycle of ICP.
International Comparison Program (ICP) is the largest worldwide data-collection initiative, under the guidance of the UN Statistical Commission (UNSC). Its goal is of producing Purchasing Power Parities (PPPs) which are vital for converting measures of economic activities to be comparable across economies. Along with the PPPs, the ICP also produces Price Level Indices (PLI) and other regionally comparable aggregates of GDP expenditure. The next ICP comparison will be conducted for the reference year 2021.
India and the ICP:
(i) India has participated in almost all ICP rounds since its inception in 1970.
(ii) The Ministry of Statistics and Programme Implementation is the National Implementing Agency (NIA) for India, which has the responsibility of the planning, coordinating, and implementing national ICP activities.
(iii) India has also been a co-Chair of the ICP Governing Board along with Statistics Austria for the ICP 2017 cycle.

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Consider the following statements regarding the World Banks International Comparison Program (ICP) often seen in news:1. Under it, the World Bank releases Purchasing Power Parities (PPPs) that adjust for differences in the cost of living across economies of the World.2. The Ministry of Statistics and Programme Implementation is the national implementing agency for India for coordinating and implementing national ICP activities.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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