{"id":4211,"date":"2020-03-29T12:13:47","date_gmt":"2020-03-29T12:13:47","guid":{"rendered":"https:\/\/commerceiets.com\/?p=4211"},"modified":"2020-03-29T12:13:47","modified_gmt":"2020-03-29T12:13:47","slug":"national-income-in-india","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/national-income-in-india\/","title":{"rendered":"NATIONAL INCOME IN INDIA"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#NATIONAL_INCOME_IN_INDIA\" title=\"NATIONAL INCOME IN INDIA\">NATIONAL INCOME IN INDIA<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#1_GROSS_DOMESTIC_PRODUCT_GDP\" title=\"1. GROSS DOMESTIC PRODUCT (GDP)\">1. GROSS DOMESTIC PRODUCT (GDP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#2GDP_AT_FACTOR_COST\" title=\"2.GDP AT FACTOR COST\">2.GDP AT FACTOR COST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#3NET_DOMESTIC_PRODUCT_NDP\" title=\"3.NET DOMESTIC PRODUCT (NDP)\">3.NET DOMESTIC PRODUCT (NDP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#4NOMINAL_AND_REAL_GDP\" title=\"4.NOMINAL AND REAL GDP\">4.NOMINAL AND REAL GDP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#5GDP_DEFLATOR\" title=\"5.GDP DEFLATOR\">5.GDP DEFLATOR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#6GROSS_NATIONAL_PRODUCT_GNP\" title=\"6.GROSS NATIONAL PRODUCT (GNP)\">6.GROSS NATIONAL PRODUCT (GNP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#7GNP_AT_MARKET_PRICES\" title=\"7.GNP AT MARKET PRICES\">7.GNP AT MARKET PRICES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#8GNP_AT_FACTOR_COST\" title=\"8.GNP AT FACTOR COST\">8.GNP AT FACTOR COST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#9NET_NATIONAL_PRODUCT_NNP\" title=\"9.NET NATIONAL PRODUCT (NNP)\">9.NET NATIONAL PRODUCT (NNP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#10NNP_AT_MARKET_PRICES\" title=\"10.NNP AT MARKET PRICES\">10.NNP AT MARKET PRICES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#11NNP_AT_FACTOR_COST\" title=\"11.NNP AT FACTOR COST\">11.NNP AT FACTOR COST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#12DOMESTIC_INCOME\" title=\"12.DOMESTIC INCOME\">12.DOMESTIC INCOME<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#13PRIVATE_INCOME\" title=\"13.PRIVATE INCOME\">13.PRIVATE INCOME<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#14PERSONAL_INCOME\" title=\"14.PERSONAL INCOME\">14.PERSONAL INCOME<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/commerceiets.com\/national-income-in-india\/#15DISPOSABLE_INCOME\" title=\"15.DISPOSABLE INCOME\">15.DISPOSABLE INCOME<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"national-income-in-india\"><span class=\"ez-toc-section\" id=\"NATIONAL_INCOME_IN_INDIA\"><\/span><strong>NATIONAL INCOME IN INDIA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The total net value of all <a rel=\"noreferrer noopener\" aria-label=\"goods and services produced (opens in a new tab)\" href=\"https:\/\/commerceiets.com\/production-function\/\" target=\"_blank\">goods and services produced<\/a> within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation. It is denoted by NNP<sub>FC<\/sub>. National Income in India is calculated by Income method, Product Method and Expenditure Method.<\/p>\n\n\n\n<p><strong>CONCEPTS OF NATIONAL INCOME<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"580\" height=\"353\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-115.png\" alt=\"\" class=\"wp-image-4213\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-115.png 580w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-115-300x183.png 300w\" sizes=\"(max-width: 580px) 100vw, 580px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<h3 class=\"has-text-align-center has-grey-color has-text-color wp-block-heading\" id=\"1-gross-domestic-product-gdp\"><span class=\"ez-toc-section\" id=\"1_GROSS_DOMESTIC_PRODUCT_GDP\"><\/span><strong>1.<\/strong> <strong>GROSS DOMESTIC PRODUCT (GDP)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>GDP is the total value of goods and services produced\nwithin the country during a year. This is calculated at market prices and is\nknown as GDP at market prices. <\/p>\n\n\n\n<p><strong>ACCORDING TO\nDERNBERG<\/strong><\/p>\n\n\n\n<p>\u201cGDP at market price is the market value of the output of final goods and services produced in the domestic territory of a country during an accounting year.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"644\" height=\"249\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-116.png\" alt=\"\" class=\"wp-image-4214\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-116.png 644w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-116-300x116.png 300w\" sizes=\"(max-width: 644px) 100vw, 644px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<p>These three methods of calculating GDP yield the same result because National Product = National Income = National Expenditure.<\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>1. The Product Method:<\/strong><\/p>\n\n\n\n<p>In this method, the value of all goods and\nservices produced in different industries during the year is added up. This is\nalso known as the value added method. The following items are included in India\nin this: <\/p>\n\n\n\n<ul><li>Agriculture and allied services; <\/li><li>Mining; <\/li><li>Manufacturing, construction,\nelectricity, gas and water supply; <\/li><li>Transport, communication and\ntrade; <\/li><li>Banking and insurance, real\nestates and ownership of dwellings and business services; <\/li><li>Public administration and defense\nand other services (or government services). <\/li><\/ul>\n\n\n\n<p>In other words, it is the sum of gross value\nadded.<\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>2. The Income Method:<\/strong><\/p>\n\n\n\n<p>The people of a country who produce GDP\nduring a year receive incomes from their work. Thus GDP by income method is the\nsum of all factor incomes: <\/p>\n\n\n\n<p><strong>Wages\nand Salaries (compensation of employees) + Rent + Interest + Profit.<\/strong><\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>3. Expenditure Method:<\/strong><\/p>\n\n\n\n<p>This method focuses on goods and services\nproduced within the country during one year.<\/p>\n\n\n\n<p><strong>GDP by expenditure method\nincludes:<\/strong><\/p>\n\n\n\n<ul><li>Consumer expenditure on services\nand durable and non-durable goods (C),<\/li><li>Investment in fixed capital such\nas residential and non-residential building, machinery, and inventories (I),<\/li><li>Government expenditure on final\ngoods and services (G),<\/li><li>Export of goods and services\nproduced by the people of country (X) Less imports (M); (X-M) <\/li><\/ul>\n\n\n\n<p>That part of consumption, investment and\ngovernment expenditure which is spent on imports is subtracted from GDP.\nSimilarly, any imported component, such as raw materials, which is used in the\nmanufacture of export goods, is also excluded.<\/p>\n\n\n\n<p>Thus GDP by expenditure method at market prices = C+ I + G + (X \u2013 M), where (X-M) is net export which can be positive or negative.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-117.png\" alt=\"\" class=\"wp-image-4215\" width=\"590\" height=\"216\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-117.png 590w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-117-300x110.png 300w\" sizes=\"(max-width: 590px) 100vw, 590px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"2-gdp-at-factor-cost\"><span class=\"ez-toc-section\" id=\"2GDP_AT_FACTOR_COST\"><\/span><strong>2.GDP AT FACTOR COST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>GDP at factor cost is the sum of net value\nadded by all producers within the country. Since the net value added gets\ndistributed as income to the owners of factors of production, GDP is the sum of\ndomestic factor incomes and fixed capital consumption (or depreciation).<\/p>\n\n\n\n<p><strong>GDP at Factor Cost = Net value added +\nDepreciation.<\/strong><\/p>\n\n\n\n<p><strong>GDP at factor cost includes:<\/strong><\/p>\n\n\n\n<ul><li>Compensation of employees i.e.,\nwages, salaries, etc.<\/li><li>Operating surplus which is the\nbusiness profit of both incorporated and unincorporated firms. <\/li><li>Mixed Income of Self- employed.<\/li><\/ul>\n\n\n\n<p><strong>GDP at Factor Cost = GDP at Market Price \u2013\nIndirect Taxes + Subsidies.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"3-net-domestic-product-ndp\"><span class=\"ez-toc-section\" id=\"3NET_DOMESTIC_PRODUCT_NDP\"><\/span><strong>3.NET DOMESTIC PRODUCT (NDP)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NDP is the value of net output of the economy\nduring the year. Some of the country\u2019s capital equipment wears out or becomes\nobsolete each year during the production process. The value of this capital\nconsumption is some percentage of gross investment which is deducted from GDP. <\/p>\n\n\n\n<p><strong>Net Domestic Product = GDP at Factor Cost \u2013\nDepreciation.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"4-nominal-and-real-gdp\"><span class=\"ez-toc-section\" id=\"4NOMINAL_AND_REAL_GDP\"><\/span><strong>4.NOMINAL AND REAL GDP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When GDP is measured on the basis of current\nprice, it is called GDP at current prices or nominal GDP. On the other hand,\nwhen GDP is calculated on the basis of fixed prices in some year, it is called\nGDP at constant prices or real GDP.<\/p>\n\n\n\n<p>Now the general price level of the year for which real GDP is to be calculated is related to the base year on the basis of the following formula which is called the deflator index:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"318\" height=\"34\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-118.png\" alt=\"\" class=\"wp-image-4216\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-118.png 318w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-118-300x32.png 300w\" sizes=\"(max-width: 318px) 100vw, 318px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<p>Suppose 1990-91 is the base year and GDP for 2019-2020\nis Rs. 6, 00,000 crores and the price index for this year is 300.<\/p>\n\n\n\n<p>Thus, Real GDP for 1999-2000 = Rs. 6, 00,000\nx 100\/300 = Rs. 2, 00,000 crores<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"5-gdp-deflator\"><span class=\"ez-toc-section\" id=\"5GDP_DEFLATOR\"><\/span><strong>5.GDP DEFLATOR<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>GDP deflator is an index of price changes of goods and services included in GDP. It is a price index which is calculated by dividing the nominal GDP in a given year by the real GDP for the same year and multiplying it by 100. Thus,<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"365\" height=\"38\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-119.png\" alt=\"\" class=\"wp-image-4217\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-119.png 365w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-119-300x31.png 300w\" sizes=\"(max-width: 365px) 100vw, 365px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"6-gross-national-product-gnp\"><span class=\"ez-toc-section\" id=\"6GROSS_NATIONAL_PRODUCT_GNP\"><\/span><strong>6.GROSS NATIONAL PRODUCT (GNP)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>GNP is the total measure of the flow of goods\nand services at market value resulting from current production during a year in\na country, including net income from abroad.<\/p>\n\n\n\n<p><strong>GNP includes four types of\nfinal goods and services:<\/strong><\/p>\n\n\n\n<ul><li>Consumers\u2019 goods and services to\nsatisfy the immediate wants of the people;<\/li><li>Gross private domestic investment\nin capital goods consisting of fixed capital formation, residential\nconstruction and inventories of finished and unfinished goods;<\/li><li>Goods and services produced by\nthe government; and<\/li><li>Net exports of goods and\nservices, i.e., the difference between value of exports and imports of goods\nand services, known as net income from abroad.<\/li><\/ul>\n\n\n\n<p><strong>FACTORS\nTO BE CONSIDERED IN CALCULATION OF GNP<\/strong><\/p>\n\n\n\n<ul><li>GNP is the measure of money, in\nwhich all kinds of goods and services produced in a country during one year are\nmeasured in terms of money at current prices and then added together.<\/li><li>In estimating GNP of the economy,\nthe market price of only the final products should be taken into account. <\/li><li>Goods and services rendered free\nof charge are not included in the GNP, because it is not possible to have a\ncorrect estimate of their market price. For example, the bringing up of a child\nby the mother, imparting instructions to his son by a teacher, recitals to his\nfriends by a musician, etc.<\/li><li>The transactions which do not\narise from the produce of current year or which do not contribute in any way to\nproduction are not included in the GNP. The sale and purchase of old goods, and\nof shares, bonds and assets of existing companies are not included in GNP\nbecause these do not make any addition to the national product, and the goods\nare simply transferred.<\/li><li>The payments received under\nsocial security, e.g., unemployment insurance allowance, old age pension, and\ninterest on public loans are also not included in GNP, because the recipients\ndo not provide any service in lieu of them. But the depreciation of machines,\nplants and other capital goods is not deducted from GNP.<\/li><li>The profits earned or losses\nincurred on account of changes in capital assets as a result of fluctuations in\nmarket prices are not included in the GNP if they are not responsible for\ncurrent production or economic activity.<\/li><li>The income earned through illegal\nactivities is not included in the GNP. Although the goods sold in the black\nmarket are priced and fulfill the needs of the people, but as they are not\nuseful from the social point of view, the income received from their sale and\npurchase is always excluded from the GNP.<\/li><\/ul>\n\n\n\n<p><strong>APPROACHES TO GNP<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"583\" height=\"231\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-120.png\" alt=\"\" class=\"wp-image-4218\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-120.png 583w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-120-300x119.png 300w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>1. Income Method to GNP:<\/strong><\/p>\n\n\n\n<p>The income method to GNP consists of the\nremuneration paid in terms of money to the factors of production annually in a\ncountry.<\/p>\n\n\n\n<p><strong>Thus GNP is the sum total of the following items:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"677\" height=\"455\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-121.png\" alt=\"\" class=\"wp-image-4219\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-121.png 677w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-121-300x202.png 300w\" sizes=\"(max-width: 677px) 100vw, 677px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<p><strong>(i) Wages and salaries:<\/strong><\/p>\n\n\n\n<p>Under this head are included all forms of wages\nand salaries earned through productive activities by workers and entrepreneurs.\nIt includes all sums received or deposited during a year by way of all types of\ncontributions like overtime, commission, provident fund, insurance, etc.<\/p>\n\n\n\n<p><strong>(ii) Rents:<\/strong><\/p>\n\n\n\n<p>Total rent includes the rents of land, shop,\nhouse, factory, etc. and the estimated rents of all such assets as are used by\nthe owners themselves.<\/p>\n\n\n\n<p><strong>(iii) Interest:<\/strong><\/p>\n\n\n\n<p>Under interest comes the income by way of\ninterest received by the individual of a country from different sources. To\nthis is added, the estimated interest on that private capital which is invested\nand not borrowed by the businessman in his personal business. But the interest\nreceived on governmental loans has to be excluded, because it is a mere transfer\nof national income.<\/p>\n\n\n\n<p><strong>(iv) Dividends:<\/strong><\/p>\n\n\n\n<p>Dividends earned by the shareholders from\ncompanies are included in the GNP.<\/p>\n\n\n\n<p><strong>(v) Undistributed corporate\nprofits:<\/strong><\/p>\n\n\n\n<p>Profits which are not distributed by\ncompanies and are retained by them are included in the GNP.<\/p>\n\n\n\n<p><strong>(vi) Mixed incomes:<\/strong><\/p>\n\n\n\n<p>These include profits of unincorporated\nbusiness, self-employed persons and partnerships. They form part of GNP.<\/p>\n\n\n\n<p><strong>(vii) Direct taxes:<\/strong><\/p>\n\n\n\n<p>Taxes levied on individuals, corporations and\nother businesses are included in the GNP.<\/p>\n\n\n\n<p><strong>(viii) Indirect taxes:<\/strong><\/p>\n\n\n\n<p>The government levies a number of indirect\ntaxes, like excise duties and sales tax.<\/p>\n\n\n\n<p>These taxes are included in the price of\ncommodities. But revenue from these goes to the government treasury and not to\nthe factors of production. Therefore, the income due to such taxes is added to\nthe GNP.<\/p>\n\n\n\n<p><strong>(ix) Depreciation:<\/strong><\/p>\n\n\n\n<p>Every corporation makes allowance for\nexpenditure on wearing out and depreciation of machines, plants and other\ncapital equipment. Since this sum also is not a part of the income received by\nthe factors of production, it is, therefore, also included in the GNP.<\/p>\n\n\n\n<p><strong>(x) Net income earned from\nabroad:<\/strong><\/p>\n\n\n\n<p>This is the difference between the value of\nexports of goods and services and the value of imports of goods and services.\nIf this difference is positive, it is added to the GNP and if it is negative,\nit is deducted from the GNP.<\/p>\n\n\n\n<p>Thus GNP according to the Income Method =\nWages and Salaries + Rents + Interest + Dividends + Undistributed Corporate\nProfits + Mixed Income + Direct Taxes + Indirect Taxes + Depreciation + Net\nIncome from abroad.<\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>2. Expenditure Method to GNP:<\/strong><\/p>\n\n\n\n<p>From the expenditure view point, GNP is the\nsum total of expenditure incurred on goods and services during one year in a\ncountry.<\/p>\n\n\n\n<p><strong>It includes the following items:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"660\" height=\"421\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-122.png\" alt=\"\" class=\"wp-image-4220\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-122.png 660w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/03\/image-122-300x191.png 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n\n\n\n<p><strong>(i)&nbsp;Private consumption expenditure:<\/strong><\/p>\n\n\n\n<p>It includes all types of expenditure on\npersonal consumption by the individuals of a country. It comprises expenses on\ndurable goods like watch, bicycle, radio, etc., expenditure on single-used\nconsumers\u2019 goods like milk, bread, ghee, clothes, etc., as also the expenditure\nincurred on services of all kinds like fees for school, doctor, lawyer and\ntransport. All these are taken as final goods.<\/p>\n\n\n\n<p><strong>(ii)&nbsp;Gross domestic\nprivate investment:<\/strong><\/p>\n\n\n\n<p>Under this comes the expenditure incurred by\nprivate enterprise on new investment and on replacement of old capital. It\nincludes expenditure on house construction, factory- buildings, and all types\nof machinery, plants and capital equipment.<\/p>\n\n\n\n<p>In particular, the increase or decrease in\ninventory is added to or subtracted from it. The inventory includes produced\nbut unsold manufactured and semi-manufactured goods during the year and the\nstocks of raw materials, which have to be accounted for in GNP. It does not\ntake into account the financial exchange of shares and stocks because their\nsale and purchase is not real investment. But depreciation is added.<\/p>\n\n\n\n<p><strong>(iii)&nbsp;Net foreign\ninvestment:<\/strong><\/p>\n\n\n\n<p>It means the difference between exports and\nimports or export surplus. Every country exports to or imports from certain\nforeign countries. The imported goods are not produced within the country and\nhence cannot be included in national income, but the exported goods are\nmanufactured within the country. Therefore, the difference of value between\nexports (X) and imports (M), whether positive or negative, is included in the\nGNP.<\/p>\n\n\n\n<p><strong>(iv)&nbsp;Government\nexpenditure on goods and services:<\/strong><\/p>\n\n\n\n<p>The expenditure incurred by the government on\ngoods and services is a part of the GNP. Central, state or local governments\nspend a lot on their employees, police and army. To run the offices, the\ngovernments have also to spend on contingencies which include paper, pen,\npencil and various types of stationery, cloth, furniture, cars, etc.<\/p>\n\n\n\n<p>It also includes the expenditure on\ngovernment enterprises. But expenditure on transfer payments is not added,\nbecause these payments are not made in exchange for goods and services produced\nduring the current year.<\/p>\n\n\n\n<p>Thus,<\/p>\n\n\n\n<p><strong>GNP\naccording to the Expenditure Method=Private Consumption Expenditure (C) + Gross\nDomestic Private Investment (I) + Net Foreign Investment (X-M) + Government\nExpenditure on Goods and Services (G) <\/strong><\/p>\n\n\n\n<p><strong>=\nC+ I + (X-M) + G.<\/strong><\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>3. Value Added Method to GNP:<\/strong><\/p>\n\n\n\n<p>Another method of measuring GNP is by value\nadded. In calculating GNP, the money value of final goods and services produced\nat current prices during a year is taken into account. This is one of the ways\nto avoid double counting. But it is difficult to distinguish properly between a\nfinal product and an intermediate product.<\/p>\n\n\n\n<p>For instance, raw materials, semi-finished\nproducts, fuels and services, etc. are sold as inputs by one industry to the\nother. They may be final goods for one industry and intermediate for others.\nSo, to avoid duplication, the value of intermediate products used in\nmanufacturing final products must be subtracted from the value of total output\nof each industry in the economy.<\/p>\n\n\n\n<p>Thus, the difference between the value of\nmaterial outputs and inputs at each stage of production is called the value\nadded. If all such differences are added up for all industries in the economy,\nwe arrive at the GNP by value added. <\/p>\n\n\n\n<p><strong>GNP by value added = Gross value added + net\nincome from abroad.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"7-gnp-at-market-prices\"><span class=\"ez-toc-section\" id=\"7GNP_AT_MARKET_PRICES\"><\/span><strong>7.GNP AT MARKET PRICES<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>GNP at market prices means the gross value of\nfinal goods and services produced annually in a country plus net income from\nabroad. <\/p>\n\n\n\n<p><strong>GNP at Market Prices = GDP at Market Prices +\nNet Income from Abroad.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"8-gnp-at-factor-cost\"><span class=\"ez-toc-section\" id=\"8GNP_AT_FACTOR_COST\"><\/span><strong>8.GNP AT FACTOR COST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>GNP at factor cost is the sum of the money\nvalue of the income produced by and accruing to the various factors of\nproduction in one year in a country. GNP at market prices is always higher than\nGNP at factor cost. Therefore, in order to arrive at GNP at factor cost,\nindirect taxes are deducted from GNP at market prices.<\/p>\n\n\n\n<p><strong>GNP at Factor Cost = GNP at Market Prices \u2013\nIndirect Taxes + Subsidies.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"9-net-national-product-nnp\"><span class=\"ez-toc-section\" id=\"9NET_NATIONAL_PRODUCT_NNP\"><\/span><strong>9.NET NATIONAL PRODUCT (NNP)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NNP includes the value of total output of\nconsumption goods and investment goods. In order to arrive at NNP, depreciation\nis deducted from GNP. The word \u2018net\u2019 refers to the exclusion of that part of\ntotal output which represents depreciation. <\/p>\n\n\n\n<p><strong>NNP = GNP\u2014Depreciation.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"10-nnp-at-market-prices\"><span class=\"ez-toc-section\" id=\"10NNP_AT_MARKET_PRICES\"><\/span><strong>10.NNP AT MARKET PRICES<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Net National Product at market prices is the\nnet value of final goods and services evaluated at market prices in the course\nof one year in a country. If we deduct depreciation from GNP at market prices, we\nget NNP at market prices. So,<\/p>\n\n\n\n<p><strong>NNP at Market Prices = GNP at Market\nPrices\u2014Depreciation.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"11-nnp-at-factor-cost\"><span class=\"ez-toc-section\" id=\"11NNP_AT_FACTOR_COST\"><\/span><strong>11.NNP AT FACTOR COST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Net National Product at factor cost is the\nnet output evaluated at factor prices. It includes income earned by factors of\nproduction through participation in the production process such as wages and\nsalaries, rents, profits, etc. It is also called National Income. This measure\ndiffers from NNP at market prices in that indirect taxes are deducted and\nsubsidies are added to NNP at market prices in order to arrive at NNP at factor\ncost. Thus<\/p>\n\n\n\n<p><strong>NNP at Factor Cost = NNP at Market Prices \u2013\nIndirect taxes+ Subsidies<\/strong><\/p>\n\n\n\n<p><strong>OR<\/strong><\/p>\n\n\n\n<p><strong>GNP at Market Prices \u2013 Depreciation \u2013\nIndirect taxes + Subsidies.<\/strong><\/p>\n\n\n\n<p><strong>= National Income.<\/strong><\/p>\n\n\n\n<p>Normally, NNP at market prices is higher than\nNNP at factor cost because indirect taxes exceed government subsidies. However,\nNNP at market prices can be less than NNP at factor cost when government\nsubsidies exceed indirect taxes.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"12-domestic-income\"><span class=\"ez-toc-section\" id=\"12DOMESTIC_INCOME\"><\/span><strong>12.DOMESTIC INCOME<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Income generated (or earned) by factors of\nproduction within the country from its own resources is called domestic income\nor domestic product.<\/p>\n\n\n\n<p><strong>Domestic income includes:<\/strong><\/p>\n\n\n\n<ul><li>Wages and salaries, <\/li><li>Rents, including imputed house\nrents, <\/li><li>Interest, <\/li><li>Dividends, <\/li><li>Undistributed corporate profits,\nincluding surpluses of public undertakings, <\/li><li>Mixed incomes consisting of\nprofits of unincorporated firms, self- employed persons, partnerships, etc.,\nand <\/li><li>Direct taxes.<\/li><\/ul>\n\n\n\n<p>Since domestic income does not include income\nearned from abroad, it can also be shown as: Domestic Income = National\nIncome-Net income earned from abroad. Thus the difference between domestic\nincome and national income is the net income earned from abroad.<\/p>\n\n\n\n<p>National Income = Domestic Income + Net\nincome earned from abroad.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"13-private-income\"><span class=\"ez-toc-section\" id=\"13PRIVATE_INCOME\"><\/span><strong>13.PRIVATE INCOME<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Private income is income obtained by private\nindividuals from any source, productive or otherwise, and the retained income\nof corporations. It can be arrived at from NNP at Factor Cost by making certain\nadditions and deductions.<\/p>\n\n\n\n<p>The additions include transfer payments such\nas pensions, unemployment allowances, sickness and other social security\nbenefits, gifts and remittances from abroad, windfall gains from lotteries or from\nhorse racing, and interest on public debt. The deductions include income from\ngovernment departments as well as surpluses from public undertakings, and\nemployees\u2019 contribution to social security schemes like provident funds, life\ninsurance, etc.<\/p>\n\n\n\n<p>Thus, <\/p>\n\n\n\n<p><strong>Private Income = National Income (or NNP at\nFactor Cost) + Transfer Payments + Interest on Public Debt \u2014 Social Security \u2014\nProfits and Surpluses of Public Undertakings.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"14-personal-income\"><span class=\"ez-toc-section\" id=\"14PERSONAL_INCOME\"><\/span><strong>14.PERSONAL INCOME<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Personal income is the total income received\nby the individuals of a country from all sources before payment of direct taxes\nin one year. Personal income is never equal to the national income, because the\nformer includes the transfer payments whereas they are not included in national\nincome.<\/p>\n\n\n\n<p>Personal income is derived from national\nincome by deducting undistributed corporate profits, profit taxes, and\nemployees\u2019 contributions to social security schemes. These three components are\nexcluded from national income because they do reach individuals.<\/p>\n\n\n\n<p>But business and government transfer\npayments, and transfer payments from abroad in the form of gifts and\nremittances, windfall gains, and interest on public debt which are a source of\nincome for individuals are added to national income. Thus,<\/p>\n\n\n\n<p><strong>Personal Income = National Income \u2013 Undistributed\nCorporate Profits \u2013 Profit Taxes \u2013 Social Security Contribution + Transfer\nPayments + Interest on Public Debt.<\/strong><\/p>\n\n\n\n<p>Personal income differs from private income\nin that it is less than the latter because it excludes undistributed corporate\nprofits.<\/p>\n\n\n\n<p>Thus,<\/p>\n\n\n\n<p><strong>Personal Income = Private Income \u2013\nUndistributed Corporate Profits \u2013 Profit Taxes.<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"15-disposable-income\"><span class=\"ez-toc-section\" id=\"15DISPOSABLE_INCOME\"><\/span><strong>15.DISPOSABLE INCOME<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Disposable income or personal disposable\nincome means the actual income which can be spent on consumption by individuals\nand families. The whole of the personal income cannot be spent on consumption,\nbecause it is the income that accrues before direct taxes have actually been\npaid. Therefore, in order to obtain disposable income, direct taxes are\ndeducted from personal income. Thus,<\/p>\n\n\n\n<p><strong>Disposable Income=Personal Income \u2013 Direct\nTaxes.<\/strong><\/p>\n\n\n\n<p>But the whole of disposable income is not\nspent on consumption and a part of it is saved. Therefore, disposable income is\ndivided into consumption expenditure and savings. Thus,<\/p>\n\n\n\n<p><strong>Disposable Income = Consumption Expenditure + Savings.<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/demand\/\">Theory of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-demand\/\">Law of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/demand-function\/\">Demand Function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/exceptions-of-law-of-demand\/\">Exceptions of law of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/elasticity-of-demand\/\">Elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/change-in-demand\/\">Change in demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/\">Price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-law-of-demand-and-elasticity-of-demand\/\">Law of demand Vs Elasticity of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/factors-affecting-price-elasticity-of-demand\/\">Factors affecting price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/production-function\/\">Production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-short-run-long-run-production-function\/\">Short run vs long run production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/\">Law of variable proportions<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-demand\/\">Types of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/managerial-economics\/\">Managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/characteristics-of-managerial-economics\/\">Characteristics of managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-managerial-economics\/\">Scope of managerial economics<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/utility-analysis\/\">Utility analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-marginal-utility\/\">Law of diminishing marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-equi-marginal-utility\/\">Law of equi marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium\/\">Consumers Equilibrium<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/indifference-curve-analysis\/\">Indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium-using-indifference-curve-analysis\/\">Consumer equilibrium using indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-tp-ap-and-mp\/\">Relationship between TP, AP and MP<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-increasing-returns\/\">Law of increasing returns<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-returns\/\">Law of diminishing returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-constant-returns\/\">Law of constant returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/returns-to-scale\/\">Returns to Scale<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/economies-and-diseconomies-of-scale\/\">Economies and diseconomies of scale<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/concept-of-costs\/\">Concept of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-ac-and-mc\/\">Relationship between AC and MC<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/traditional-theory-of-cost\/\">Traditional theory of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/modern-theory-of-cost\/\">Modern theory of costs<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explicit-vs-implicit-costs\/\">Explicit vs Implicit costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue\/\">Revenue<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-competition\/\">Perfect competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-meaning\/\">Monopoly<\/a>&nbsp;<\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/price-discrimination\/\">Price discrimination<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-perfect-competition-and-monopoly\/\">Difference between perfect competition and monopoly<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-and-monopolistic-competition\/\">Perfect Vs Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-and-monopolistic-competition\/\">Monopoly and monopolistic competition<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/product-differentiation-strategy\/\">Product differentiation strategy<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopolistic-competition\/\">Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/national-income-in-india\/\">National Income in India<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/measurement-of-national-income\/\">Measurement of national income in India<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/consumption-function\/\">Consumption function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/keynesian-psychological-law-of-consumption\/\">Keynes Psychological law of consumption<\/a><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"266\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1024x266.jpg\" alt=\"NATIONAL INCOME IN INDIA\" class=\"wp-image-787\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1024x266.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-300x78.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-768x199.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1536x398.jpg 1536w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>NATIONAL INCOME IN INDIA<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>NATIONAL INCOME IN INDIA The total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation. It is denoted by NNPFC. National Income in India is calculated by Income method, Product Method&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/national-income-in-india\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;NATIONAL INCOME IN INDIA&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":4212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[113,92],"tags":[],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/4211"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=4211"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/4211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/4212"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=4211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=4211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=4211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}