The current Economic Census of India, which is the fifth in the series, was conducted in the year 2005, according to the correct answer provided (option 1).

Option 2, 2006, is not the correct answer because the economic census was conducted in 2005, not 2006.

Option 3, 2007, is not the correct answer either because the economic census was conducted in 2005, not 2007.

Option 4, 2008, is not the correct answer either because the economic census was conducted in 2005, not 2008.

Therefore, the correct answer is option 1, 2005.