Calculate the nominal income and private income from the following data.
Contents ₹. (in crores)
Net current transfers from the rest of the world 10
Private final consumption expenditure 600
National debt interest 15
Net exports -20
Current transfers from the government 5
Net domestic product at factor cost accruing to the government 25
Government final consumption expenditure 100
Net indirect tax 30
Net domestic capital formation 70
Net factor income from abroad 10
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Answer:
Explanation:
National income (income method) = Compensation of employees + Profits + Rent + Interest + Mixed income of self employed - Net factor income to abroad = 700 + 600 + 200 + 310 + 350 - 10 = 2150 crores
National income (expenditure method) = Govt. final consumption expenditure+Net domestic capital formation+Net exports+Private final consumption expenditure-Net indirect taxes-Net factor income to abroad=750 + 385 - 15 + 1100 - 60 - 10 = 2150 crores.
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