Determinants of National Income

GDP

  • Gross Domestic Product (GDP) is the value of all the final goods and services produced within the boundary of a nation during one-year period. For India, this calendar year is from 1st April to 31st March.
  • It is also calculated by adding national private consumption, gross investment, government spending and trade balance (exports-minus-imports).
  • It is a ‘quantitative’ concept and its volume/size indicates the ‘internal’ strength of the economy. But it does not say anything about the ‘qualitative’ aspects of the goods and services produced.

NDP

  • Net Domestic Product (NDP) is the GDP calculated after adjusting the weight of the value ....
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