The first attempt to calculate national income of India was made by Dadabhai Naoroji in 1867 – 68, who estimated per capita income to be ₹ 20. The first scientific method was made by Professor VKRV Rao in 1931-32, but was not very satisfactory.
Who calculate national income in India first?
In 1934 V.K.R.V. Rao published “an Essay on India’s National Income, 1925-29”, which is widely regarded as the first authentic academic exercise into the estimation of the national income of India.
Who counted national income in India?
In India, Central statistical Organization (CSO) is entrusted with the task of calculating National Income.
Who is the father of national income?
Sir Richard Stone is regarded as the father of national income accounting. He studied law at the University of Cambridge, but later under the influence of John Maynard Keynes decided to study Economics.
Who founded national income?
One economist whose interests and expertise were crucial to the early development of national income measurement—the cornerstone of gross national product (GNP)—was Simon Kuznets.
What is national income by BYJU’s?
National income is referred to as the total monetary value of all services and goods that are produced by a nation during a period of time. In other words, it is the sum of all the factor income that is generated during a production year.
What is national income Drishti IAS?
It is the value of total goods & services produced in an economy over a given period of time.
Who is the father of modern national income accounting in India?
Gregory King is the father of national income accounting method. Later Professor Simon Kuznet developed national income accounting more systematically.