Indian economy
Define national income. Discuss the various concepts of national income
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Answer:
National Income is total amount of goods and services produced within the nation during the given period say, 1 year. It is the total of factor income i.e. wages, interest, rent, profit, received by factors of production i.e. labour, capital, land and entrepreneurship of a nation.
Explanation:
The economy of India is characterised as a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity. According to the International Monetary Fund, on a per capita income basis, India ranked 142nd by GDP and 124th by GDP in 2020.
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