define national income? what is role of national income in economic development
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National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money.
The basic purpose of national income is to throw light on aggregate output and income and provide a basis for the government to formulate their policy, programmes, to maximize the national welfare of the people. ... National Income statistics can help economist in formulating economic policies for economic developed
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