{"id":29203,"date":"2024-02-15T11:59:58","date_gmt":"2024-02-15T06:29:58","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=29203"},"modified":"2024-02-15T15:13:28","modified_gmt":"2024-02-15T09:43:28","slug":"national-income-of-india","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/","title":{"rendered":"National Income of India, Check Brief Overview"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/#National_Income_NI_%E2%80%93_Definition\" >National Income (NI) &#8211; Definition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/#National_Income_Accounting_NIA\" >National Income Accounting (NIA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/#Objectives_of_National_Income_Accounting_NIA\" >Objectives of National Income Accounting (NIA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/#Factors_of_National_Income\" >Factors of National Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/#Calculation_of_National_Income\" >Calculation of National Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/#National_Income_at_Current_Price\" >National Income at Current Price<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"has-black-color has-text-color\"><span style=\"color: #000000;\"><strong>National Income<\/strong> is one of the most important and a very basic topic when comes to reading about the Indian Economy. Very basic questions are asked from this topic of National Income in various <strong><span style=\"color: #0000ff;\">Banking and Government Exams<\/span><\/strong> like\u00a0<span style=\"color: #0000ff;\">RBI Grade B<\/span>,\u00a0<span style=\"color: #0000ff;\">RBI Assistant<\/span>,\u00a0<span style=\"color: #0000ff;\">SEBI<\/span>,\u00a0<span style=\"color: #0000ff;\">NABARD<\/span>,\u00a0<span style=\"color: #0000ff;\">SIDBI<\/span>,\u00a0<span style=\"color: #0000ff;\">SBI PO<\/span>,\u00a0<span style=\"color: #0000ff;\">IBPS PO<\/span>,\u00a0<span style=\"color: #0000ff;\">IBPS Clerk<\/span>, <span style=\"color: #0000ff;\">RRB JE<\/span> etc.\u00a0In this blog post, we bring to you a <strong>brief overview of the National Income of India<\/strong> so that you become aware of it which in turn will help you in the General Awareness section of various <\/span>banking and government exams.<span style=\"color: #000000;\"><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"National_Income_NI_%E2%80%93_Definition\"><\/span><strong><span style=\"color: #000000;\">National Income (NI) &#8211; Definition<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"color: #000000;\">It is the <strong>net value of all the final goods and services<\/strong> produced by the nationals during a financial year. In India, financial year starts from <strong>1st April and ends on 31st March<\/strong> every year. In other words, the total income of a country from&nbsp; the economic activities in a year\u2019s time is known as national income. It includes payments made to all resources in the form of wages, interest, rent and profits. <\/span><span style=\"color: #000000;\">National income can also be defined as the net output of products and services flowing during the year from the country\u2019s productive system in the hands of the ultimate consumers.&nbsp;The growth of National Income aids in knowing the progress of the country.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"National_Income_Accounting_NIA\"><\/span><span style=\"color: #000000;\"><strong>National Income Accounting (NIA)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"color: #000000;\">National Income Accounting is a <strong>method used to measure the economic activity<\/strong> in the country as a whole.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Objectives_of_National_Income_Accounting_NIA\"><\/span><span style=\"color: #000000;\"><strong>Objectives of National Income Accounting (NIA)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Policy Formulation:<\/strong>&nbsp;NIA helps in comparing the estimates of the NI in the past with the future and also forecast the growth rates in future. For example, if a country has a GDP of Rs. 105 Lakh Crore which is 5 Lakh Crore Rupees higher than the last year, this means that the economy has a growth rate of 5%.<\/span><\/li><li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Assessing<\/strong> <strong>the current standard of living: <\/strong>NIA helps in knowing the current living standard of the population&nbsp;or the distribution of income&nbsp;within a population.<\/span><\/li><li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Effective Decision Making:<\/strong>&nbsp;NIA helps in estimating the contribution of each of the sectors (Primary, Secondary and Tertiary Sectors) of the economy. It helps the businesses to plan for the production activity.<\/span><\/li><li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>International Economic Comparison:<\/strong>&nbsp;It helps in comparing the level of development of countries and provides useful insight into how well an economy is functioning, and where money is being generated and spent. One can compare the standard of living of different nations and its growth rate.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\">As per the National Income Committee a National Income estimate measures the volume of commodities and services turned out during a given period counted without duplication.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Factors_of_National_Income\"><\/span>Factors of National Income<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are various factors that contribute to determining a country&#8217;s national income. The following outlines these factors:<\/p>\n\n\n\n<p><strong>GDP (Gross Domestic Product)<\/strong><br>The total value of final goods and services produced within the borders of India during a specific time period is encompassed in India&#8217;s GDP. Additionally, the impact of inflation on these products is taken into account.<\/p>\n\n\n\n<p>GDP incorporates government expenditures, consumption, exports, imports, and investment within India.<\/p>\n\n\n\n<p>For instance, if Honda chooses to manufacture its parts in India, this contribution will be reflected in India&#8217;s GDP. However, the revenue generated through sales will be accounted for in Japan&#8217;s GDP.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Calculation_of_National_Income\"><\/span><strong><span style=\"color: #000000;\">Calculation of National Income<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><span style=\"color: #000000;\">NI = C+G+I+(X-M) + (R-P) &#8211; Depreciation &#8211; Indirect Tax + Subsidies.<\/span><\/strong><\/p>\n\n\n\n<p><span style=\"color: #000000;\">C = Total Consumption Expenditure<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">I = Total Investment Expenditure<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">G = Total Government Expenditure<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">X = Export&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">M = Import&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">(R-P) = Net Factor Income from abroad<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><span style=\"color: #000000;\">National Income at Constant Price<\/span><\/strong><\/h3>\n\n\n\n<p><span style=\"color: #000000;\">When NI is measured at the base year price, it is NI at constant year price.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"National_Income_at_Current_Price\"><\/span><strong><span style=\"color: #000000;\">National Income at Current Price<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"color: #000000;\">When NI is measured at the current year price, it is NI at current year price.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Factor Cost<\/strong><\/span><br><span style=\"color: #000000;\">It is the cost of factors of production i.e. rent for land interest for capital, wages for labour and profit for entrepreneurship. This is equal to revenue price of the final goods and services sold by the producers.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Market Price<\/strong><\/span><br><span style=\"color: #000000;\">It refers to the actual transacted price which includes indirect taxes such as custom duty, excise duty, sales tax, service tax etc. (impending Goods and Services Tax). These taxes tend to raise the prices of the goods in an economy.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">When the NI is calculated at the factor cost (FC) it is called National Income (NI).<\/span><\/p>\n\n\n\n<p><strong><span style=\"color: #000000;\">NI = NNP(FC) = NNP(MP) &#8211; Indirect Taxes + Subsidies + Government Surplus&nbsp;<\/span><\/strong><\/p>\n\n\n\n<p><strong><span style=\"color: #000000;\">NI = NNP + Subsidies &#8211; Indirect Taxes<\/span><\/strong><\/p>\n\n\n\n<p><span style=\"color: #000000;\">GNP &#8211; Depreciation &#8211; Indirect Taxes + Subsidies<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The CSO released the &#8216;New Series&#8217; of national accounts with base year 2011-12 instead of the base year 2014-05. This revision happens every five years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Income is one of the most important and a very basic topic when comes to reading about the Indian<\/p>\n","protected":false},"author":52,"featured_media":164994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,31,13848,60,62,2586],"tags":[10135,10136,10137],"class_list":["post-29203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-bank-exams","category-banking-awareness","category-general-knowledge","category-government-exams","category-notes","tag-national-income","tag-national-income-accounting","tag-national-income-calculation","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Income of India, Check Brief Overview<\/title>\n<meta name=\"description\" content=\"Learn about the National Income of India and how it is calculated by Central Statistics Office ( Ministry of Statistics and Programme Implementation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/national-income-of-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Income of India, Check Brief Overview\" \/>\n<meta property=\"og:description\" content=\"National Income is one of the most important and a very basic topic when comes to reading about the Indian Economy. 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