GENERAL KNOWLEDGE

Detailed explanation-1: -The base year serves as a comparison point for national account indicators such as GDP, gross domestic savings, and gross capital formation. The government switched to a new base year of 2011-12 for national accounts in January 2015, replacing the previous base year of 2004-05.

Detailed explanation-2: -The government on Thursday said base year for calculating gross domestic product was changed to 2011-12 due to a change in the socio-economic environment of the country.

Detailed explanation-3: -In India, the Base Year of the GDP Series was revised from 2004-05 to 2011-12 and released on 30 January, 2015 after adaptation of the sources and methods in line with the SNA 2008.