National income

 National Income

The study of national income and production is done to find out about the proper use of available economic resources of any country and the economic welfare of the people. 

 The value of final goods and services produced in any economy during a year is called National Income.  It also includes net income earned from abroad.  In fact, national income is a measure of the flow of goods and services in an economy.  

☆Production or value added method ☆

Therefore, national income is a flow, not a stock.  The national income figures in India are based on the financial year (1st April to 31st March).  The Central Statistical Office (CSO) under the Department of Statistics in India is responsible for the estimation and publication of national income. 

☆income method☆

 The National Sample Survey Organization (NSSO) assists the Central Statistics Office in this work.