Practicing Success

Target Exam

CUET

Subject

English

Chapter

Comprehension - (Narrative / Factual)

Question:

Read the following passage and answer the question given below:

New Delhi India's economy is likely to grow 7% in the current fiscal year, marginally higher than some recent independent estimates according to the first official numbers for the period released on Friday.

Both RBI and the International Monetary Fund (IMF) have forecast 6.8% growth in FY23 while the World Bank has pegged it at 6.9% Gross Domestic Product (GDP) had grown 8.7% in FY22, boosted by the pandemic-induced low base of FY21.

Nominal GDP growth, without adjusting for inflation, is seen at 15.4% in FY23, sharply higher than the 11.1% assumed in the budget, according to the first advance estimates released by the National Statistical Office (NSO).

If the absolute fiscal deficit will be, as projected, at 16.6 lakh crore, the higher growth will depress the gap to 6.1% of GDP in FY23, compared to the 6.4% estimated in the budget.

"This suggests that despite the global headwinds and continued geopolitical uncertainty or friction caused by the Russia-Ukraine conflict, the recovery is on track though there are pressure points," said Sunil Kumar Sinha, principal economist at India Ratings and Research.

The gross value added (GVA) is expected to rise 6.7%, slower than the 8.1% growth seen in FY22.

Select the most appropriate phrase from the given options which means:- NSO

Options:

National Security Office

National Statistical Office

Natural Science Organisation

National Science Office

Correct Answer:

National Statistical Office

Explanation:

The correct answer is Option (2) → National Statistical Office
Explanation: In the context of the passage, NSO refers to the National Statistical Office, which is responsible for collecting, compiling, and disseminating statistical information related to the economy and society of India.