Question

Explain in detail the national income and its characteristics.

Answer 1

Answer:

National Income

National Income refers to the money value of all the goods and services produced in a country during a financial year. In other words, the final outcome of all the economic activities of the nation during a period of one year, valued in terms of money is called as a National income.

Features of National Income in India

( 1 ) Excessive Dependence on Agriculture

( 2 ) Poor Growth Rate of GDP and Per Capita Income

( 3 ) Unequal Distribution and Poor Standard of Living

( 4 ) Growing Contribution of Tertiary Sector

( 5 ) Unequal Growth of Different Sectors

( 6 ) Regional Disparity

( 7 ) Urban and Rural Disparity

( 8 ) Public and Private Sector

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