What is the primary role of the Central Statistical Organisation (CSO) in India?

CSO Compiles National Accounts Statistics

• Gathers economic data nationally.

• Analyzes data for accuracy.

• Produces national income accounts.

Fill in the blanks: National income estimates are crucial for ___, ___, and ___ in economic planning.

Business forecasting, government policy-making, evaluating economic performance

Explain the difference between Nominal GDP and Real GDP.

Nominal GDP differs from Real GDP.

• Nominal GDP uses current prices.

• Real GDP accounts for inflation.

• Real GDP shows true economic growth.

True or False: The GDP deflator is always set to 100 in the base year.

True

What does the term Net National Product at Market Prices (NNP MP) represent?

NNP MP represents the total value of goods and services produced by a nation's residents, adjusted for depreciation and expressed at market prices.

How is Disposable Personal Income (DI) calculated?

DI is calculated by subtracting personal income taxes and other compulsory payments from personal income.

Fill in the blank: Gross Domestic Product at Factor Cost (GDP FC) is derived by subtracting ___ from GDP at market prices.

Net indirect taxes

Describe the challenges associated with measuring national income in developing countries.

Measuring national income is challenging.

• Data inadequacy hampers accuracy.

• Non-monetized sectors complicate assessments.

• Valuing government services poses difficulties.

True or False: Capital gains and windfall profits are included in national income calculations.

False. Capital gains and windfall profits are excluded from national income.

What does Net Factor Income from Abroad (NFIA) indicate?

NFIA indicates the difference between the income earned by residents from abroad and the income earned by non-residents within the domestic economy.