National Income Trends And Sectoral Contribution — Flashcards
Telangana Open School (TOSS) · Class 12 · Economics
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What is national income?
Answer
National income is the total value of all final goods and services produced in a country during a financial year. It reflects the overall economic activity and development of a nation. For example, In…
Who first estimated national income in India before independence?
Answer
Dadabhai Nauroji was the first person to estimate national income in India before independence. In 1867–68, he calculated per capita income as ₹20 in his book 'The Poverty of British Rule in India'.
Name three economists who estimated national income before independence.
Answer
Three economists who estimated national income before independence are: William Digby (1899), G.F. Shirras (1911, 1922), and V.K.R.V. Rao (1931–32). V.K.R.V. Rao used a scientific method by dividing t…
What was V.K.R.V. Rao’s estimate of national income in 1931–32?
Answer
V.K.R.V. Rao estimated India’s national income at ₹1,689 crores and per capita income at ₹62 in 1931–32. He used a scientific method by classifying the economy into agriculture and corporate sectors.
When was the National Income Committee formed, and who headed it?
Answer
The National Income Committee (NIC) was formed in August 1949 by the Government of India. It was headed by Prof. P.C. Mahalanobis and included Prof. D.R. Gadgil and Prof. V.K.R.V. Rao.
What were the national income and per capita income of India in 1948–49 according to the NIC?
Answer
According to the National Income Committee, India’s national income in 1948–49 was ₹8,710 crores and per capita income was ₹225.
What is the base year currently used for national income estimation in India?
Answer
The current base year used for national income estimation in India is 2011–12. The Central Statistical Office (CSO) revised the series to reflect updated economic structures and prices.
Why are both current and constant prices used in national income measurement?
Answer
Current prices reflect market prices in a given year, including inflation. Constant prices eliminate inflation effects by using a base year’s prices, allowing real growth comparison over time. For exa…
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