FAST FACTS
- The 1st Estimate of National Income was prepared by Dadabhai Naoroji for the year 1867-68
- The 1st Scientific Estimate was made by Prof V.K.R.V Rao for the year 1931-32
- After independence , recognizing the importance of estimate of national income and its various components , the government of india appointed the National Income Committee in 1949 , with P.C.Mahalanobis as the Chairman
- Following the report of this committee , the task of national income was entrusted to the Central Statistical Organisation (CSO)
A. RELATING TO THE DOMESTIC PRODUCT –
- Gross Domestic Product at Market Price = Market vaule of final outputs of goods and services produced within the countrie’s domestic economy in a period of One Year
- Net Domestic Product at Market Price = GDP – Depreciation
- J Net Domestic Product at Factor Cost = NDP (MP) – Indirect Taxes +Subsidies
B. RELATING TO THE NATIONAL PRODUCT –
- Gross National Product at Market Price = GDP (MP) + Net Factor Income from Abroad .
- Net National Product at Market Price = GNP (MP) – Depreciation
- Net National Product at Factor Cost or National Income = National Product (MP) – Indirect Taxes + Subsidies
- Per Capita Product or Income = National Income or Net National Product at Factor Cost / Population
