Question

State the signnificance of estimating national income

Answer 1

National income is the total value a country's final output of all new goods and services produced in one year. ... National income estimates also assist in formulating anti-inflationary and anti-deflationary policies. Thenational income is also important for less developed or developing countries.

Answer 2

• National income → The value of goods and services produced by a country in a financial year.

• The national income estimation is the responsibility of CENTRAL STATISTICAL OFFICE.