National Income
National Income is the value of production activity of a country. Includes payments made to all factors of production land, labour, capital and enterprise.
Gross Domestic Product(GDP)
It is the sum of the value of all final goods and services produced in a country in a financial year or accounting year.Note: The financial year in India begins on 1st April and ends with 31st March, commonly referred as FY. Three ways of measuring GDP GDP is the sum of the market value of all the
Measures of National Income and Growth – Indian Economy, Previous Year Questions(UPSC CSE)(2011-24)
1. Economic growth is usually coupled with? (a) Deflation (b) Inflation (c) Stagflation (d) Hyperinflation 2. In the context of Indian economy, consider the following statements: The growth rate of GDP has steadily increased in the last five years. The growth rate in per capita income has steadily increased in the last five years. Which