A
1 only
B
2 only
C
Both 1 and 2
D
Neither 1 nor 2
Correct answer: (a) 1 only
Explanation
Statement 1 is correct since the base year for the updated GDP series is set at 2022-23. Statement 2 is incorrect because double deflation involves deflating output and intermediate consumption separately, not combining them into a single nominal value beforehand.
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