From Column-I and Column-II, choose the correct pair :
Column-I – Column-II
A. Measurement of NI by Dadabhai Naoroji – (i) 1917-18
B. Establishment of CSO – (ii) 1948
C. New Economic Policy – (iii) 1951
D. CACP – (iv) 1965

Question

From Column-I and Column-II, choose the correct pair :
Column-I – Column-II
A. Measurement of NI by Dadabhai Naoroji – (i) 1917-18 
B. Establishment of CSO – (ii) 1948                 
C. New Economic Policy – (iii) 1951                 
D. CACP – (iv) 1965

Accepted Answer

The correct option is 4:

The correct pair is D. CACP – (iv) 1965. CACP stands for the Commission for Agricultural Costs and Prices. This statutory body was established by the Government of India in 1965. Its primary function is to recommend Minimum Support Prices (MSPs) for various mandated crops to the government. The establishment of CACP was a crucial step in formalizing agricultural policy, especially preceding the Green Revolution, ensuring fair prices for farmers and promoting efficient land use patterns. Therefore, matching D with (iv) is historically accurate and represents the correct pairing.

The incorrect option is 1 (A-i):

This option pairs A. Measurement of NI by Dadabhai Naoroji with (i) 1917-18. This is incorrect because Dadabhai Naoroji, often called the "Grand Old Man of India," conducted his pioneering estimation of India's National Income (NI) much earlier, specifically in 1867-68, which he published in his famous book, *Poverty and Un-British Rule in India*. The date 1917-18 is associated with later estimates by others like V.K.R.V. Rao, not Dadabhai Naoroji's initial work. His estimate was a foundational piece of economic critique against British rule.

The incorrect option is 2 (B-ii):

This option pairs B. Establishment of CSO with (ii) 1948. This is incorrect because the Central Statistical Organisation (CSO), now part of the National Statistical Office (NSO), was officially established in 1951, not 1948. The CSO was set up by the Government of India to coordinate statistical activities and is responsible for the computation of National Income and other macro-economic indicators. While post-independence efforts to standardize statistics began earlier, the formal establishment date of the CSO is 1951.

The incorrect option is 3 (C-iii):

This option pairs C. New Economic Policy with (iii) 1951. This is incorrect. The New Economic Policy (NEP) in the context of Indian economy refers to the sweeping economic reforms of Liberalisation, Privatisation, and Globalisation (LPG) implemented in 1991 under Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh. The year 1951 is historically significant for the launch of India's First Five-Year Plan, marking the beginning of centralized economic planning, but it is not the year of the NEP.