In which year did the committee headed by C. Rangarajan, established to revise the base year of the Consumer Price Index (CPI), submit its report?

The correct option is 2001.

Step-by-step Explanation:

1. Background: The Government of India set up the National Statistical Commission under the chairmanship of Dr. C. Rangarajan in January 2000 to review the Indian statistical system and address deficiencies in data collection and methodology.
2. Submission of Report: The C. Rangarajan Commission submitted its landmark report to the Government in August 2001.
3. Key Recommendations: Among wide-ranging reforms, the commission recommended periodic revision of base years for crucial economic indicators, including the Consumer Price Index (CPI), to accurately reflect changing consumption patterns and structural shifts in the economy.
4. Conclusion: Hence, the committee headed by C. Rangarajan submitted its report in the year 2001.