Basics Concepts of Indian Economy -UPSC /UPPSC
Basics Concepts of Indian Economy -UPSC National Income National Income is usually defined as the total Value of all final goods and services produced in a country in a particular period (Generally one year). Following are the measures of National Income- (A) GDP (Gross Domestic Product) (B) GNP (Gross National Product) (C) NNP (Net National Product) (D) PI (Personal Income) (E) DPI (Disposable Personal Income) (A) GDP (Gross Domestic Product)- GDP is the total value of all final goods and services produced within the geographical boundary of the country during a particular period (Generally one year). In this, we consider all goods/ services, produced by both resident citizens and foreign nationals who reside within the boundary of that country. Example - Suppose there are 100 crore Indians who earn RS. 100 crores in Indian territory and 1 crore foreigners who earn RS. 10 crores in Indian territory and send it to their respective countries. At the sa...