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National Income Accounting

Question
CBSEENEC12013302
Wired Faculty App

Calculate (a) 'National Income', and (b) 'Private Income' from the following data:

   

(र in crores)

(i)

Net current transfers to the rest of the world

10

(ii)

Private final consumption expenditure

600

(iii)

National debt interest

15

(iv)

Net exports

(-) 20

(v)

Current transfers from government

5

(vi)

Net domestic product at factor cost accruing to government

25

(vii)

Government final consumption expenditure

100

(viii)

Net indirect tax

30

(ix)

Net domestic capital formation

70

(x)

Net factor income from abroad

10

Solution

GDP at MP (Expenditure method) = 600 + (-20) + 100 + 70 = 750
NDP at FC = 750 - 30 - Zero depreciation = 720
(a) National Income (NNP at FC) = 720 + 10 = 730 crores
(b) Private Income = National income - (vi) + Transfer incomes [(iii) + (v) + (i)]
= 730 - 25 + (15 + 5 - 10) = 715 crores

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Briefly explain the following basic concepts related to NI:
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