Which institution in India is statutorily responsible for compiling and releasing official estimates of Gross Domestic Product (GDP) and the Index of Industrial Production (IIP)?

💡 Solution & Explanation

The National Statistical Office, operating under the Ministry of Statistics and Programme Implementation, is responsible for collecting, compiling, and publishing key macroeconomic indicators including Gross Domestic Product estimates and the Index of Industrial Production. NITI Aayog functions as a policy think tank rather than a statistical collection agency. The central bank focuses on monetary statistics, and the Securities and Exchange Board of India regulates capital markets. Accurate statistical estimation is vital for evidence-based planning.