What are the trends of national income in india questions and answers?
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During the British period, several estimates of national income were made by Dadabhai Naoroji (1868), Willium Digby (1899), Findlay Shirras (1911, 1922 and 1934), Shah and Khambatta (1921), V.K.R.V. Rao (1925-29) and R.C. Desai (1931-40).
Among all these pre-independence estimates of national income in India, the estimates of Naoroji, Findlay Shirras and Shaw and Khambatta have computed the value of the output raised by the agricultural sector and then added some portion of the income earned by the non-agricultural sector. But these estimates were having no scientific basis of its own.
After that Dr. V.K.R.V. Rao applied a combination of census of output and census of income methods. While dividing the whole economy into two separate categories he included agriculture, pastures, forests, fishing, hunting and mines in the first category and applied output method to derive the value of output of these sectors.
The other activities like industry, trade, transport, administrative and public services, professions, liberal arts and domestic services were included in second category and applied income method to derive the amount of income raised from all these services.
Among all these pre-independence estimates of national income in India, the estimates of Naoroji, Findlay Shirras and Shaw and Khambatta have computed the value of the output raised by the agricultural sector and then added some portion of the income earned by the non-agricultural sector. But these estimates were having no scientific basis of its own.
After that Dr. V.K.R.V. Rao applied a combination of census of output and census of income methods. While dividing the whole economy into two separate categories he included agriculture, pastures, forests, fishing, hunting and mines in the first category and applied output method to derive the value of output of these sectors.
The other activities like industry, trade, transport, administrative and public services, professions, liberal arts and domestic services were included in second category and applied income method to derive the amount of income raised from all these services.
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Explanation:
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Trends and composition of national incomeestimates of India during post-independence period shows the following major features:
Excessive Dependence on Agriculture: ...Poor Growth Rate of GDP and Per CapitaIncome: ...Unequal Distribution and Poor Standard of Living: ...Growing Contribution of Tertiary Sector:
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