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National Income Accounting Video Lecture | Indian Economy for UPSC CSE

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FAQs on National Income Accounting Video Lecture - Indian Economy for UPSC CSE

1. What is National Income Accounting?
Ans. National Income Accounting is a method used to measure the economic performance of a country. It involves the calculation of the total value of goods and services produced within a country's borders over a specific period of time, usually a year.
2. Why is National Income Accounting important for policymakers?
Ans. National Income Accounting provides policymakers with essential information about the overall economic health of a country. It helps them make informed decisions on fiscal and monetary policies to promote economic growth and stability.
3. What are the key components of National Income Accounting?
Ans. The key components of National Income Accounting include Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), National Income (NI), and Personal Income (PI).
4. How is National Income calculated?
Ans. National Income can be calculated using three different methods: the production approach, the income approach, and the expenditure approach. Each method provides a different perspective on the economy's performance.
5. How does National Income Accounting differ from GDP?
Ans. While GDP is a measure of the total value of goods and services produced within a country's borders, National Income Accounting provides a more comprehensive analysis of a country's economic performance by taking into account factors such as depreciation, net foreign income, and personal income.
110 videos|315 docs|136 tests
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