Screening Paper I · 3 Indian & AP Economy and Planning · APPSC Group 1

3.2.2 National income notes

6 notes, in reading order.

  1. 3.2.2.1National income aggregates: GDP, GNP, NNP and personal disposable income

    The main national income aggregates are linked by simple steps: add net factor income from abroad to move from domestic to national, subtract depreciation to move from gross to net, and use factor cost versus market prices to account for taxes and subsidies.

    Advanced · 6 min · Full course
  2. 3.2.2.2Market prices, factor cost and basic prices: GVA and net product taxes

    Since January 2015 India's headline output measures are GDP at market prices and GVA at basic prices; they differ by product taxes less product subsidies.

    Advanced · 6 min · Full course
  3. 3.2.2.3Measuring GDP: product, income and expenditure methods

    The same GDP can be counted three ways, as output (value added), as incomes earned, or as spending on final goods, and in theory all three give the same total.

    Advanced · 7 min · Full course
  4. 3.2.2.4Nominal and real GDP, the GDP deflator and per capita income

    Nominal GDP uses current prices and moves with inflation, real GDP uses base-year prices and shows true output growth, and the GDP deflator is the ratio between them.

    Advanced · 6 min · Full course
  5. 3.2.2.5National accounts in India: early estimates, NSO, release calendar and base-year revisions

    India's national income has been estimated since the 1860s by individuals, since 1949 by an official committee, and today by the NSO under MoSPI in a fixed yearly cycle of advance, provisional and revised estimates on a periodically updated base year.

    Advanced · 6 min · Full course
  6. 3.2.2.6GDP and welfare: externalities, non-market work, Green GDP and alternative measures

    GDP counts market output, not well-being, so economists add measures for health, education, environment and happiness: HDI, PQLI, Green GDP, Gross National Happiness and others.

    Advanced · 6 min · Full course

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