National Income
National Statistical Commission (NSC)
The government of India ordered the setting up of a
permanent National Statistic commission? (NSC) on 1st June, 2005 on
the recommendation of the C. Rangarajan Commission. The national Statically
Commission assumed charge on 12th July, 2006. Prof.Suresh tendulkar
became the first chairperson of the NSC
Constitution of NSC
1. A
part- time chairperson who will be an eminent statistician or social scientist.
2. Four
part- time members, one each from the following fields of specialization and
experience in
(i)
Economics statistics in such areas as
agriculture industry, infrastructure, trade or infancies.
(ii)
Social and environment statistics in such areas
as population, health education, labour and employment or environment.
(iii)
Statistical operations in such areas as
censuses, survey statistical information system or information technology.
(iv)
National accounts, statistical modeling or state
statistical systems.
3. The
Secretary, Planning Commission as ex-officio member.
Concept in the National Income
Gross
Domestic Product (GDP)
It is the sum total of the value of all final
commodities and service produce within the geographical boundary of a country
during a given period of time the sum total is to be calculated by counting the
values without duplication.
Gross
National Product (GNP)
GNP= GDP +Net Factor Income Abroad (NFIA)
= GDP
+ export – Import
Note: Since India has more imports than exports,
its GNP figure is less than that of GDP.
Net National
Product (NNP)
NNP = GNP - Depreciation
=
GNP - capital Consumption Allowance
=
GDP +NFIA – Depreciation
=
NDP+NFIA
Net Domestic
product (NDP)
NDP= GDP – Depreciation.
Note: Depreciation is also known as capital
Consumption allowance.
Calculation of
National income Aggregates at Market Price and factor Cost.
1.
GDP at market price (
) ( Contribution of all sectors at market
price)
2.
GDP at factor Cost (
) =
-
net indirect taxes +subsidy
3.
NDP at market price
) =
–
depreciation
4.
=
-
net indirect taxes + subsidy
5.
=
+ net factor income from abroad
6.
=
- net indirect taxes + subsidy
Per Capita Income
In India,
is
taken as national income of India. But
coneals the population effect over the
economy, hence concept of per capita income is evolved.
Per capita income = national income/
total population
Ø Do you know?
A committee was set up under the
chairmanship of C.Rangarajan to improve Statistical database of India.
Methods
to estimate National Income
(i)
Production
Method: net value of final goods and service
produced in country during a year is taken into consideration
(ii)
Income
Method:
total of net income earned by working people in different sectors and
commercial enterprises
Total income = total
rent + total wages +total interest =total profit
(iii)
Consumption
method: also called as expenditure method. It
is the addition of total consumption and total savings.
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