National Income
Economics · राष्ट्रीय आय · 16 facts
GDP = total value of goods and services produced within country in a year
GDP formula: GDP = C + I + G + (X - M) where X=Exports, M=Imports
GNP = GDP + Income from abroad - Income paid to foreigners
NDP = GDP minus Depreciation; NNP = GNP minus Depreciation
National Income = NNP at Factor Cost (most accurate measure)
Per Capita Income = National Income divided by total population
Nominal GDP: calculated at current year prices (includes inflation effect)
Real GDP: calculated at base year prices (removes inflation effect)
GDP Deflator = (Nominal GDP / Real GDP) x 100
NSO (National Statistical Office) calculates India national income
CSO was renamed as NSO under Ministry of Statistics
Base year for GDP calculation in India is currently 2011-12
Dadabhai Naoroji was FIRST Indian to calculate national income (1868)
V.K.R.V. Rao gave the first scientific estimate of India national income
Factor Cost = Market Price - Indirect Taxes + Subsidies
Green GDP: GDP adjusted for environmental costs and resource depletion