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National Income in India,Concept and Measurement         General Economics
National Income• National income is the money  value of all the final goods and  services produced by a country  during a ...
National Income• Since these goods are measured in  different physical units it is not  possible to add them together. Thu...
Basic Concepts in National income• Gross domestic product• Gross domestic product at  constant price and at current price•...
Basic Concepts in National income•   Net domestic product•   Gross national product•   Net national Product•   Net nationa...
Gross Domestic Product• Gross domestic product is  the money value of all final  goods        and     services  produced i...
Gross Domestic Product at Constant         price and Current price• GDP can be estimated at  current prices and at constan...
Gross Domestic Product at Constant       price and Current price• If GDP is measured on the basis of  some fixed price, th...
GDP at Factor cost and GDP at          Market price• The contribution of each producing  unit to the current flow of goods...
GDP at Factor cost and GDP at          Market price• Conceptually, the value of GDP  whether estimated at market price  or...
Net Domestic Product• While calculating GDP no provision  is made for depreciation allowance  (also called capital consump...
Net Domestic Product• A part of is therefore, set aside in  the form of depreciation allowance.  When depreciation allowan...
Gross National Product• Gross national product is defined as the  sum of the gross domestic product and  net factor income...
Net National Product• It can be derived by subtracting  depreciation allowance from GNP.  It can also be found out by addi...
Net National Product• If the net factor income from abroad  is positive then NNP will be more  than NDP, If the net factor...
NNP at factor cost or National              Income• NNP at factor cost is the  volume of commodities and  services turned ...
NNP at factor cost or National Income• NNP at factor cost or national income  is defined as the sum of domestic  factor in...
NNP at factor cost or National           Income• NNP at FC = National Income = FID  + NFIA• FID factor income earned in th...
Personal Income and Disposable            income• Personal income and disposable  income are two concepts of  national inc...
Disposable Income• All personal income is not at the  disposal to be spent on consumption.  Individuals have to pay person...
Disposable Personal Outlay• The disposable personal income may  be spent fully or individuals may  save. What remains afte...
Real Income• Since national income does not reveal  the real state of the economy, the  concepts of real income has been  ...
Methods of Measuring national              income• The national income of a country can  be measured in three alternative ...
Product Method• This method is popular in U.S.A. and  is called as Total Product method or  Goods Flow Method. In India, I...
Product Method• We calculate the money value  of all final goods and services  produced       in an economy  during a year...
Income Method• We estimate the income earned  by various factor services  engaged in the process of  production. The sum o...
Income Method• GNP = wages and salaries +  rent + interest + Dividends +  undistributed corporate profits  + mixed incomes...
Expenditure method• Prof. Samuelson calls this as “  Flow of Product Approach”. In  India, it is known as Outlay  method. ...
Expenditure method• We sum up the flow of  expenditure in an economy to  arrive at national income  estimates, If we add t...
Value Added Method• In order to avoid double counting  value added at each stage of  production should be calculated to  a...
Circular flow of national income• Lipsey defined the circular flow of  income as “ the flow of payments  from    domestic ...
Circular flow of national income•   Simple Economy•   Two sector model = Y = C + I•   Three Sector Model = Y = C + I + G• ...
Problems in estimating national                   income• Simon Kuznets national income is not  limited to the territorial...
Problems in estimating national              income• Services rendered free of charge are not  included in GNP. By leaving...
Problems in estimating national               income• In the calculation of national income leisure  foregone in the proce...
Trends in India’s national income        growth and structure• Trend in NNP: The real national  income of India has increa...
Trends in India’s national income      growth and structure• During the tenth five year plan they  set up the target of 8%...
Trends in Per capita income• India’s per capita net national product i.e.,  during the last 55 years of planning has  incr...
Importance of National            Income Analysis• They provide as an index of economic  activity and an instrument of eco...
Importance of National            Income Analysis• A complete knowledge about the trends in  national income is essential ...
Multiple Choice Questions              Question 1•   “National income” is the money value     of    – final goods    – ser...
Multiple Choice Questions              Question 1•   “National income” is the money value     of    – final goods    – ser...
Question 2• Measurement of national income   in India was done by using  – income methods  – output methods  – expenditure...
Question 2• Measurement of national income   in India was done by using  – income methods  – output methods  – expenditure...
Question 3•    The domestic product is estimated on     the basis of the prevailing prices it is     called    – GDP at cu...
Question 3•    The domestic product is estimated on     the basis of the prevailing prices it is     called    – GDP at cu...
Question 4•   GDP at factor cost can be measure as    – GDP at market price – Income tax +      Subsidies    – GDP at cons...
Question 4•   GDP at factor cost can be measure as    – GDP at market price – Income tax +      Subsidies    – GDP at cons...
Question 5• GNP can be defined as  – GDP – Depreciation  – GDP + NFIA  – GDP – Subsidies  – NNP + NFIA           General E...
Question 5• GNP can be defined as  – GDP – Depreciation  – GDP + NFIA  – GDP – Subsidies  – NNP + NFIA           General E...
Question 6• Estimate of national income in   India are usually prepared by  – reserve bank of India  – planning commission...
Question 6• Estimate of national income in   India are usually prepared by  – reserve bank of India  – planning commission...
Question 7• One of the problems in estimating   the national income in India is  – low rate of savings  – widespread unemp...
Question 7• One of the problems in estimating   the national income in India is  – low rate of savings  – widespread unemp...
Question 8• Expenditure method is also called   as  – outlay method  – income method  – value added method  – none of the ...
Question 8• Expenditure method is also called   as  – outlay method  – income method  – value added method  – none of the ...
Question 9•    Expenditure on final goods and     services is broadly classified in to    – consumption expenditure    – i...
Question 9•    Expenditure on final goods and     services is broadly classified in to    – consumption expenditure    – i...
Question 10• The real national income of India   has increased at an annual   average rate of  1. 5.6%  2. 4.4.%  3. 7.8% ...
Question 10• The real national income of India   has increased at an annual   average rate of  1. 5.6%  2. 4.4.%  3. 7.8% ...
Question 11• For the past 14 years the net   national income has been around  1. 8%  2. 7%  3. 6%  4. 10%           Genera...
Question 11• For the past 14 years the net   national income has been around  1. 8%  2. 7%  3. 6%  4. 10%           Genera...
Question 12• India’s economic growth rate in   the tenth plan period was (2002-   07)  1. 6.5%  2. 8.0%  3. 8.5%  4. 7.6% ...
Question 12• India’s economic growth rate in   the tenth plan period was (2002-   07)  1. 6.5%  2. 8.0%  3. 8.5%  4. 7.6% ...
Question 13• Per capita income can be   calculate by  – national income / population  – national income – population  – na...
Question 13• Per capita income can be   calculate by  – national income / population  – national income – population  – na...
Question 14• NDP can be calculated as  1. GNP – Depreciation  2. GDP – Subsidies  3. GDP – Depreciation  4. GNP – Subsidie...
Question 14• NDP can be calculated as  1. GNP – Depreciation  2. GDP – Subsidies  3. GDP – Depreciation  4. GNP – Subsidie...
Question 15• If the GDP is measured at the   price prevailing point of time then   it is called  – current price  – market...
Question 15• If the GDP is measured at the   price prevailing point of time then   it is called  – current price  – market...
Mathematical summaries of various               concept• GNP at market price – depreciation =  NNP at market price• GNP at...
Mathematical summaries of various             concept• GDP at market price – net indirect  taxes = GDP at factor cost• GNP...
THE ENDNational Income in India, Concept       and Measurement
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  1. 1. National Income in India,Concept and Measurement General Economics
  2. 2. National Income• National income is the money value of all the final goods and services produced by a country during a period of one year. National income consists of a collection of different types of goods and services of different types. General Economics: National Income in 2 India, Concept & Measurement
  3. 3. National Income• Since these goods are measured in different physical units it is not possible to add them together. Thus we cannot state national income is so many millions of meters of cloth. Therefore, there is no way except to reduce them to a common measure. This common measure is money. General Economics: National Income in 3 India, Concept & Measurement
  4. 4. Basic Concepts in National income• Gross domestic product• Gross domestic product at constant price and at current price• Gross domestic product at factor cost and Gross domestic product at market price General Economics: National Income in 4 India, Concept & Measurement
  5. 5. Basic Concepts in National income• Net domestic product• Gross national product• Net national Product• Net national product at factor cost or national income General Economics: National Income in 5 India, Concept & Measurement
  6. 6. Gross Domestic Product• Gross domestic product is the money value of all final goods and services produced in the domestic territory of a country during an accounting year. General Economics: National Income in 6 India, Concept & Measurement
  7. 7. Gross Domestic Product at Constant price and Current price• GDP can be estimated at current prices and at constant prices. If the domestic product is estimated on the basis of the prevailing prices it is called gross domestic product at current prices. General Economics: National Income in 7 India, Concept & Measurement
  8. 8. Gross Domestic Product at Constant price and Current price• If GDP is measured on the basis of some fixed price, that is price prevailing at a point of time or in some base year it is known as GDP at constant price or real gross domestic product. General Economics: National Income in 8 India, Concept & Measurement
  9. 9. GDP at Factor cost and GDP at Market price• The contribution of each producing unit to the current flow of goods and services is known as the net value added. GDP at factor cost is estimated as the sum of net value added by the different producing units and the consumption of fixed capital. General Economics: National Income in 9 India, Concept & Measurement
  10. 10. GDP at Factor cost and GDP at Market price• Conceptually, the value of GDP whether estimated at market price or factor cost must be identical. This is because the final value of goods and services must be equal to the cost involved in their production.• GDP F.C = GDP M.P – IT + S. General Economics: National Income in 10 India, Concept & Measurement
  11. 11. Net Domestic Product• While calculating GDP no provision is made for depreciation allowance (also called capital consumption allowance). In such a situation gross domestic product will not reveal complete flow of goods and services through various sectors. General Economics: National Income in 11 India, Concept & Measurement
  12. 12. Net Domestic Product• A part of is therefore, set aside in the form of depreciation allowance. When depreciation allowance is subtracted from gross domestic product we get net domestic product.• NDP = GDP – Depreciation. General Economics: National Income in 12 India, Concept & Measurement
  13. 13. Gross National Product• Gross national product is defined as the sum of the gross domestic product and net factor incomes from abroad. Thus in order to estimate the gross national product of India we have to add net factor income from abroad - income earned by non-resident in India to form the gross domestic product of India.• In brief GNP = GDP + NFIA. General Economics: National Income in 13 India, Concept & Measurement
  14. 14. Net National Product• It can be derived by subtracting depreciation allowance from GNP. It can also be found out by adding the net factor income from abroad to the net domestic product.• NNP = GNP - Depreciation General Economics: National Income in 14 India, Concept & Measurement
  15. 15. Net National Product• If the net factor income from abroad is positive then NNP will be more than NDP, If the net factor income from abroad is negative then NNP will be less than NDP and it would be equal when net factor income from abroad is zero.• NNP = NDP + NFIA General Economics: National Income in 15 India, Concept & Measurement
  16. 16. NNP at factor cost or National Income• NNP at factor cost is the volume of commodities and services turned out during an accounting year, counted without duplication. It can also be defined as the net value added at factor cost in an economy during an accounting year. General Economics: National Income in 16 India, Concept & Measurement
  17. 17. NNP at factor cost or National Income• NNP at factor cost or national income is defined as the sum of domestic factor incomes and net factor income from abroad. If NNP figure is available at market price we will subtract indirect taxes and add subsidies to the figure to get NNP at factor cost or national income of the economy. General Economics: National Income in 17 India, Concept & Measurement
  18. 18. NNP at factor cost or National Income• NNP at FC = National Income = FID + NFIA• FID factor income earned in the domestic territory of a country.• Net Factor Income from Abroad. General Economics: National Income in 18 India, Concept & Measurement
  19. 19. Personal Income and Disposable income• Personal income and disposable income are two concepts of national income very commonly used in advanced countries. Personal income may be defined as the current income of persons or households from all services. Personal income is not a measure of production. General Economics: National Income in 19 India, Concept & Measurement
  20. 20. Disposable Income• All personal income is not at the disposal to be spent on consumption. Individuals have to pay personal direct taxes to the government. They are free to spend only after the payment of taxes.• DPI = Personal income – Personal Direct taxes. General Economics: National Income in 20 India, Concept & Measurement
  21. 21. Disposable Personal Outlay• The disposable personal income may be spent fully or individuals may save. What remains after saving is called the personal outlay. Disposable income is equal to consumption and savings• Disposable outlay = Disposable income – Savings. General Economics: National Income in 21 India, Concept & Measurement
  22. 22. Real Income• Since national income does not reveal the real state of the economy, the concepts of real income has been used. To find out the real income of the economy, a base year is selected and the price level of that year is assumed to be 100.• Real income= Money Income × 100 Price Index General Economics: National Income in 22 India, Concept & Measurement
  23. 23. Methods of Measuring national income• The national income of a country can be measured in three alternative ways• Census of production method• As a flow of income, and• As a flow of expenditure• Added to this, there is yet another method of estimating national income i.e., Value added method. General Economics: National Income in 23 India, Concept & Measurement
  24. 24. Product Method• This method is popular in U.S.A. and is called as Total Product method or Goods Flow Method. In India, It is known as inventory or Product method. In this method, the economy is classified in to three transaction sector like industrial, services and foreign transaction sector where international payments are considered. General Economics: National Income in India, Concept & Measurement 24
  25. 25. Product Method• We calculate the money value of all final goods and services produced in an economy during a year. The money value of these goods and services is calculated at market price. The sum-total is called the GDP at market price General Economics: National Income in 25 India, Concept & Measurement
  26. 26. Income Method• We estimate the income earned by various factor services engaged in the process of production. The sum of these incomes provides us the measure of gross national income at factor cost General Economics: National Income in 26 India, Concept & Measurement
  27. 27. Income Method• GNP = wages and salaries + rent + interest + Dividends + undistributed corporate profits + mixed incomes + direct taxes + indirect taxes + depreciation + net income from abroad. General Economics: National Income in 27 India, Concept & Measurement
  28. 28. Expenditure method• Prof. Samuelson calls this as “ Flow of Product Approach”. In India, it is known as Outlay method. GNP is the sum of expenditure incurred on goods and services during one year in a country.• GNP = C + I + G + (x – m) General Economics: National Income in 28 India, Concept & Measurement
  29. 29. Expenditure method• We sum up the flow of expenditure in an economy to arrive at national income estimates, If we add the value of expenditure on all these items we get the value of gross national expenditure at market prices General Economics: National Income in 29 India, Concept & Measurement
  30. 30. Value Added Method• In order to avoid double counting value added at each stage of production should be calculated to arrive at GNP. The difference between the value of output and input at each stage of production is called the value added. By summing such value added for all industries in the economy, GNP can be found out. General Economics: National Income in 30 India, Concept & Measurement
  31. 31. Circular flow of national income• Lipsey defined the circular flow of income as “ the flow of payments from domestic households to domestic firms and back again”. National income and expenditure flow in a circular manner. In any economy, both commodities and factors of production are constantly being exchanged for money. General Economics: National Income in 31 India, Concept & Measurement
  32. 32. Circular flow of national income• Simple Economy• Two sector model = Y = C + I• Three Sector Model = Y = C + I + G• Four sector model = Y = C + I + G +(x – m)• The concept of circular flow shows clearly whether the economy is working efficiently or whether there is any disequilibrium in its working. It also helps in restoring equilibrium. General Economics: National Income in 32 India, Concept & Measurement
  33. 33. Problems in estimating national income• Simon Kuznets national income is not limited to the territorial boundaries of a country. We must include income of all the residents of a country even if they are abroad.• Another difficulty in estimating the national income in UDC is the prevalence of non-monetized sector.• Income earned through illegal activities is not included in national income. General Economics: National Income in 33 India, Concept & Measurement
  34. 34. Problems in estimating national income• Services rendered free of charge are not included in GNP. By leaving out these service, national income will work out to be less.• Transfer payments are not included in national income as they do not contribute to national product.• Capital gains and losses are not included in GNP as they are not the result of current economic activities. General Economics: National Income in India, Concept & Measurement 34
  35. 35. Problems in estimating national income• In the calculation of national income leisure foregone in the process of production is not included.• In UDC due to illiteracy, most producer do no keep regular accounts.• Another difficulty in the measurement of national income in underdeveloped countries is lack of adequate statistical data. General Economics: National Income in 35 India, Concept & Measurement
  36. 36. Trends in India’s national income growth and structure• Trend in NNP: The real national income of India has increased at an annual average rate of 4.4% during the 55 years of economic planning. If we consider the last 14 years we find that the rate of increase in the national income has been around 6% per annum. Although this is an encouraging sign. General Economics: National Income in 36 India, Concept & Measurement
  37. 37. Trends in India’s national income growth and structure• During the tenth five year plan they set up the target of 8% growth rate but achieved at 7.6%, this encouraged the eleventh planners to set a target of 8.5% per annum growth rate. General Economics: National Income in 37 India, Concept & Measurement
  38. 38. Trends in Per capita income• India’s per capita net national product i.e., during the last 55 years of planning has increased at a rate of 2.3% per annum. It is to be noted that during the last 14 years the rate of increase in per capita national income is significant. It was around 4.5 % per annum in this period as against 1.25% per annum during the first 30 years of economic planning. General Economics: National Income in 38 India, Concept & Measurement
  39. 39. Importance of National Income Analysis• They provide as an index of economic activity and an instrument of economic planning.• National income accounting indicates the growth of the economy in terms of income and output.• National income statistics help the policy makers to frame policies to achieve full employment and rapid economic growth. General Economics: National Income in 39 India, Concept & Measurement
  40. 40. Importance of National Income Analysis• A complete knowledge about the trends in national income is essential in economic planning.• Research scholar also make use of national income data pertaining to input, output, saving, consumption, investment and employment.• National income statistics it helps in solving the remove inequalities in income distribution.General Economics: National Income in India, Concept & Measurement 40
  41. 41. Multiple Choice Questions Question 1• “National income” is the money value of – final goods – services – final goods and services produced annually in the economy – intermediary goods General Economics: National Income in 41 India, Concept & Measurement
  42. 42. Multiple Choice Questions Question 1• “National income” is the money value of – final goods – services – final goods and services produced annually in the economy – intermediary goods General Economics: National Income in 42 India, Concept & Measurement
  43. 43. Question 2• Measurement of national income in India was done by using – income methods – output methods – expenditure methods – both income and output methods General Economics: National Income in 43 India, Concept & Measurement
  44. 44. Question 2• Measurement of national income in India was done by using – income methods – output methods – expenditure methods – both income and output methods General Economics: National Income in 44 India, Concept & Measurement
  45. 45. Question 3• The domestic product is estimated on the basis of the prevailing prices it is called – GDP at current price – GDP at constant price – GDP at market price – None of the above General Economics: National Income in 45 India, Concept & Measurement
  46. 46. Question 3• The domestic product is estimated on the basis of the prevailing prices it is called – GDP at current price – GDP at constant price – GDP at market price – None of the above General Economics: National Income in 46 India, Concept & Measurement
  47. 47. Question 4• GDP at factor cost can be measure as – GDP at market price – Income tax + Subsidies – GDP at constant price – Income tax + Subsidies – GDP at current price - Income tax + Subsidies – None of the above General Economics: National Income in 47 India, Concept & Measurement
  48. 48. Question 4• GDP at factor cost can be measure as – GDP at market price – Income tax + Subsidies – GDP at constant price – Income tax + Subsidies – GDP at current price - Income tax + Subsidies – None of the above General Economics: National Income in 48 India, Concept & Measurement
  49. 49. Question 5• GNP can be defined as – GDP – Depreciation – GDP + NFIA – GDP – Subsidies – NNP + NFIA General Economics: National Income in 49 India, Concept & Measurement
  50. 50. Question 5• GNP can be defined as – GDP – Depreciation – GDP + NFIA – GDP – Subsidies – NNP + NFIA General Economics: National Income in 50 India, Concept & Measurement
  51. 51. Question 6• Estimate of national income in India are usually prepared by – reserve bank of India – planning commission – central statistical organization – national income committee General Economics: National Income in 51 India, Concept & Measurement
  52. 52. Question 6• Estimate of national income in India are usually prepared by – reserve bank of India – planning commission – central statistical organization – national income committee General Economics: National Income in 52 India, Concept & Measurement
  53. 53. Question 7• One of the problems in estimating the national income in India is – low rate of savings – widespread unemployment – rapidly rising prices – large non-monetized transactions General Economics: National Income in 53 India, Concept & Measurement
  54. 54. Question 7• One of the problems in estimating the national income in India is – low rate of savings – widespread unemployment – rapidly rising prices – large non-monetized transactions General Economics: National Income in 54 India, Concept & Measurement
  55. 55. Question 8• Expenditure method is also called as – outlay method – income method – value added method – none of the above General Economics: National Income in 55 India, Concept & Measurement
  56. 56. Question 8• Expenditure method is also called as – outlay method – income method – value added method – none of the above General Economics: National Income in 56 India, Concept & Measurement
  57. 57. Question 9• Expenditure on final goods and services is broadly classified in to – consumption expenditure – investment expenditure – consumption and investment expenditure – none of the above General Economics: National Income in 57 India, Concept & Measurement
  58. 58. Question 9• Expenditure on final goods and services is broadly classified in to – consumption expenditure – investment expenditure – consumption and investment expenditure – none of the above General Economics: National Income in 58 India, Concept & Measurement
  59. 59. Question 10• The real national income of India has increased at an annual average rate of 1. 5.6% 2. 4.4.% 3. 7.8% 4. 8.9% General Economics: National Income in 59 India, Concept & Measurement
  60. 60. Question 10• The real national income of India has increased at an annual average rate of 1. 5.6% 2. 4.4.% 3. 7.8% 4. 8.9% General Economics: National Income in 60 India, Concept & Measurement
  61. 61. Question 11• For the past 14 years the net national income has been around 1. 8% 2. 7% 3. 6% 4. 10% General Economics: National Income in 61 India, Concept & Measurement
  62. 62. Question 11• For the past 14 years the net national income has been around 1. 8% 2. 7% 3. 6% 4. 10% General Economics: National Income in 62 India, Concept & Measurement
  63. 63. Question 12• India’s economic growth rate in the tenth plan period was (2002- 07) 1. 6.5% 2. 8.0% 3. 8.5% 4. 7.6% General Economics: National Income in 63 India, Concept & Measurement
  64. 64. Question 12• India’s economic growth rate in the tenth plan period was (2002- 07) 1. 6.5% 2. 8.0% 3. 8.5% 4. 7.6% General Economics: National Income in 64 India, Concept & Measurement
  65. 65. Question 13• Per capita income can be calculate by – national income / population – national income – population – national income * population – national income + population General Economics: National Income in 65 India, Concept & Measurement
  66. 66. Question 13• Per capita income can be calculate by – national income / population – national income – population – national income * population – national income + population General Economics: National Income in 66 India, Concept & Measurement
  67. 67. Question 14• NDP can be calculated as 1. GNP – Depreciation 2. GDP – Subsidies 3. GDP – Depreciation 4. GNP – Subsidies General Economics: National Income in 67 India, Concept & Measurement
  68. 68. Question 14• NDP can be calculated as 1. GNP – Depreciation 2. GDP – Subsidies 3. GDP – Depreciation 4. GNP – Subsidies General Economics: National Income in 68 India, Concept & Measurement
  69. 69. Question 15• If the GDP is measured at the price prevailing point of time then it is called – current price – market price – constant price – none of the above General Economics: National Income in 69 India, Concept & Measurement
  70. 70. Question 15• If the GDP is measured at the price prevailing point of time then it is called – current price – market price – constant price – none of the above General Economics: National Income in 70 India, Concept & Measurement
  71. 71. Mathematical summaries of various concept• GNP at market price – depreciation = NNP at market price• GNP at market price – net income from abroad = GDP at market price• GNP at market price – net indirect taxes = GNP at factor cost.• NNP at market price – net income from abroad = NDP at market price• NNP at market price – net indirect taxes = NNP at factor cost General Economics: National Income in 71 India, Concept & Measurement
  72. 72. Mathematical summaries of various concept• GDP at market price – net indirect taxes = GDP at factor cost• GNP at factor cost – depreciation = NNP at factor cost• NDP at market price – net indirect taxes = NDP at factor cost• GDP at factor cost – depreciation = NDP at factor cost. General Economics: National Income in 72 India, Concept & Measurement
  73. 73. THE ENDNational Income in India, Concept and Measurement
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