GNPmp = 1 GDPmp+ NFIA 2 NDPmp+ depreciation 3 GNPmp+ depreciation 4 GNPmp-- NIT
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Answer:
In general terms, national income can be defined as the total money value of goods and services produced by a country in a particular period of time.
The duration of this period is usually one year.
Some of the management experts have defined national income as follows:
According to National Committee appointed by the Government of India in 1949, “A national income estimate measures the volume of commodities and services turned out during a given period of time counted without duplication.”
According to Dr. Alfred Marshall “labor and capital of a country acting on its natural resources, produce annually a certain net aggregate of commodities, material and immaterial, including services of all kinds. The word net means that from the gross value of the output depreciation of capital must be deducted.”
According to Pigou, “national income is that part of the objective income of the community including of course, income derived from abroad, which can be measured in money.”
According to Prof. Fisher, “National income refers solely to services received by ultimate consumers, whether from material or human environment.”