Economy & Business MCQs - 2026-07-24

The current base year for calculating India's GDP is 2011-12. The base year is periodically revised to reflect structural changes in the economy.

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), is responsible for collecting, compiling, and releasing GDP data in India.

The Monetary Policy Committee (MPC) is mandated to meet at least four times a year, but typically meets six times a year, i.e., bi-monthly, to review the monetary policy.

The Monetary Policy Committee (MPC) consists of six members: three officials from the Reserve Bank of India and three external members nominated by the Government of India.

The primary objective of the Monetary Policy Committee (MPC) of the Reserve Bank of India is to maintain price stability while keeping in mind the objective of growth. The inflation target is currently set at 4% with a tolerance band of +/- 2%.