Which institution is responsible for calculating the GDP of India?

The correct answer is the Central Statistics Office.

• The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India, macroeconomic data gathering, and statistical record keeping.
• The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy.
  • GDP can be calculated by using three methods, the supply or production method, the income method, and the demand or expenditure.

Important Points

• Ministry of Finance under the government of India, is concerned with the economy of India. Serving as the treasury department of India.
  • R. K. Shanmukham Chetty was the first Finance Minister of independent India.
  • It formed on 29 October 1946.
  • The present Minister is Nirmala Sitharaman.
• RBI is the central banking institution, which controls the monetary policy of the Indian rupee, fully owned by the Government of India.
  • It was established on 1st April 1935 in Kolkata but nationalized on 1st January 1949.
  • RBI consists of Governor, 4 Deputy Governors, 2 Finance Ministry representatives.
  • The First Governor of RBI was Sir Osborne Smith (1935 – 1937).
  • The First Indian Governor of RBI was CD Deshmukh (1943 – 1949).
  • The only Prime Minister who was the Governor of RBI was Manmohan Singh (1982 – 1985).
  • The First women deputy Governor of RBI was KJ Udeshi.
  • The present Governor is Shaktikanta Das.
• The Chief Economic Adviser (CEA) is one of the bodies of Government of India, head of the Economic Division of the Department of Economic Affairs.
  • The key roles of India’s chief economic advisor are to determine the government’s overall strategy in managing the economy.
  • CEA advises the Government of India on matters related to finance, commerce, trade, economy and directly report to the Minister of Finance.