What is the objective of the PLFS conducted by NSO? Answer: The Periodic Labour Force Survey (PLFS) , launched in April 2017 by the NSO (earlier NSSO) , was designed to provide more frequent and timely data on employment and unemployment in India . Main objectives: To estimate key labour force indicators like Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR), and Unemployment Rate (UR). To provide annual estimates (July–June) for both rural and urban area

Explain the difference between leading, coincident, and lagging indicators in economic statistics. Answer: Economic indicators are used to predict, confirm, and analyze economic cycles. They are broadly divided into leading, coincident, and lagging indicators. Leading Indicators: These change before the economy as a whole starts to follow a particular trend. Used to predict future economic activity . Examples: Stock market trends, new business registrations, housing permits,

What are the limitations of using GDP as the sole indicator of economic progress? Answer: GDP (Gross Domestic Product) is the most widely used measure of economic activity, but it has significant limitations when used as the sole indicator of progress. Ignores income distribution: GDP only shows the total value of goods and services, not how equitably income is distributed . Rising GDP can coexist with widening inequality. Example: India’s GDP has grown rapidly post-1991, y

Why was the 2011–12 GDP base year revision controversial? Answer: India periodically revises the base year of national accounts to ensure that GDP reflects current production and consumption patterns. In 2015 , the base year was shifted from 2004–05 to 2011–12 . Methodological changes introduced: Adoption of System of National Accounts (SNA 2008) . Shift from factor cost to gross value added (GVA) at basic prices . Use of MCA-21 corporate database (Ministry of Corporate Aff

How does India’s GDP estimation methodology incorporate the informal sector? Answer: India’s economy is highly diversified, and nearly 85–90% of the workforce is employed in the informal sector . Capturing their contribution accurately is essential for realistic GDP measurement. National Accounts System: GDP in India is estimated following the UN’s System of National Accounts (SNA 2008) . For the informal sector, indirect methods are used because direct data is scarce. Use

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