Indian National Income , Fast Fact

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