It is calculated by adding indirect taxes, subtracting subsidies, and including depreciation to the value of output, which is the value of all goods and services produced within a countrys borders. 1650 crore, 69. Calculate Gross Value Added at Factor Cost from the following data, Ans. NDP is a measure of a countrys economic performance that considers the depreciation of physical capital, unlike GDP, which only reflects the sum of all goods and services produced within a countrys borders. Expenditure Method: NI = C (household consumption) + G (government expenditure) + I (investment expense) + NX (net exports).3. The acquisition of new machines for the new factory would represent a gain because the demand was driven by the need to increase the scope of the operations, rather than serve as a replacement. = 530-310 As a result of the EUs General Data Protection Regulation (GDPR). 340 lakh, 20. Calculate 27. We are not permitting internet traffic to Byjus website from countries within European Union at this time. GDP at factor cost measures the money worth of output produced within a country's domestic constraints in a year as received by the factors of production. Net Domestic Product at Factor Cost or NDP FC : It refers to the net money value of all the final goods and services that are produced within the domestic territory of a nation excluding the net indirect taxes and depreciation. (i) Payment of bonus by a firm. = 700+ (-20)+ 80+ 60+ 10 (All India 2012) Switch; Flag; 232, Block C-3, Janakpuri, New Delhi, (a) Gross Value Added (GVA) by A = Sales by A + Net Change in Stock of A IntermediateConsumption of A National income is studied under macroeconomics; gross domestic product (GDP) and gross national product (GNP) are the two major components. Using this, they can better understand the resources available for consumption or investment in the country. 89. Profit = Undistributed profit + dividends + corporate tax (corporate profit tax) This formula is not used in this question. (b) GNP at factor cost = GNP at market price + net indirect tax (c) National income = Domestic income + Net factor income from abroad. 29.Giving reason, explain how are the following be treated in estimation of NationalIncome by income method (All India 2010) Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation. 50: Solution: GNP at MP = NDP at FC + Depreciation - Net Factor income from abroad + Indirect tax =3,200 + 400-50 + 70 = 3,620 crores. The NDP better assesses a countrys economic output by subtracting this value from GDP. = Private Final Consumption Expenditure + Government Final Consumption Expenditure + Net Domestic Fixed Capital Formation + Change in Stock + Net Export + Consumption of Fixed Capital Net Factor Income to Abroad Net Indirect Tax 555 crore, 83. The action you just performed triggered the security solution. =Rs. So we use following Steps Step 1 Calculate Gross Domestic Fixed Capital Formation =Gross Fixed Capital formation =Net Fixed Capital formation +Depreciation =Net Fixed Capital formation +Consumption of Fixed Capital =350+50 =400 Step 2 Calculate Gross Domestic Capital Formation Gross Domestic Capital Formation You are free to use this image on your website, templates, etc., Please provide us with an attribution link. = 520-490 = Rs. Its main tools are demand and supply of particular commodity/factor. (iii) Imputed value of self-consumed goods should be included, but self-consumed services should not be included. The formula for NDP-FC is: NDP-FC = Value of Output - Indirect Taxes + Subsidies In other words, the NDP-FC is calculated by subtracting the indirect taxes and adding the subsidies to the value of output, which is the value of all goods and services produced within a country's borders. (iii) Scholarship given to Indian students studying in India by a foreign company. 35 lakh, 17. (ii) Payment of interest on borrowings by general government. = 3550-2850 = Rs. The GNPMP is the value of overall goods or services manufactured by a nations residents. = 700+100+120+ (-20) -80-10 7. Imputed rent of owner occupied dwellings and value of production for self-consumption is included but value of self-consumed services like those of housewife is not Included. (Delhi 2009), Ans. Calculate NDP at FC Particular Rs. Such an increase along with deterioration of the capital stock value indicates economic stagnation. The counting of the value of a commodity more than once while estimation of National Income is called double counting. Sale and purchase of second-hand goods are excluded since they are not part of production of current year but commission paid on sale of second-hand goods is included as it is reward for rendering productive services. (a) Income method and Giving reason explain how should the following be treated in estimating GrossDomestic Product at Market Price ? It is computed by subtracting depreciation from the gross value. (a) National Income (NNPFC) = Private Final Consumption Expenditure+ Government Final Consumption Expenditure + Net Domestic Capital Formation + Net Exports + Net Factor Income from Abroad Net Indirect Taxes (Indirect Taxes Subsidy) There are only two producing sectors A and B in an economy. Calculate National Income: (Compartment 2014), = Government Final Consumption Expenditure + Private Final Consumption Expenditure + Net Domestic Capital Formation + Net Exports NIT + NFIA Meaning of microeconomics Briefly, microeconomics is the study of individual economic units of an economy. Distinguish between microeconomics and macroeconomics. (b) Production method from the following data (Delhi 2011), Ans. = Rs. Ans. (ii) Purchase of a tractor by a farmer is included in the estimation of National Income as it is capital formation or investment expenditure. (iii) Mixed income of self-employed, 3. Home Economy National Income accounting Methods of estimating National Income Income method. (iii) Expenditure by government on providing free education. (i) The value of intermediate goods should not be included. Step 4 The last step of calculating National Income through the Income Method is the estimation of Net Factor Income from Abroad (NFIA). Expenditure + Net Domestic Capital Formation + Net Exports + Net Factor Income from Abroad- Net Indirect Taxes Gross National Product at Market Price (GNPMP). The national income (NI) is an aggregate value of the total production of goods and services by a nations residents pertaining to a particular accounting year. National Income (NNPFC) = Compensation of Employees + Rent + Interest + Profit Net Factor Income to Abroad Computation of National Income (By Value Added Method). Its central problem is price determination and allocation of resources. Give reasons for your answer. (i) Wheat grown by farmer but used entirely for familys consumption. It is study of individual economic units of an economy. = 500 + (-20) 250 -40 + 30 Income from illegal activities like smuggling, black-marketing, etc. (Delhi 2009). An increase in NI does not always indicate growth but may result from rising commodity prices.2. (ii) It is included in the estimation of National Income as it is a part of profit. We and our partners use cookies to Store and/or access information on a device. (ii) National debt interest will not be included while estimating National Income by income method, as the government takes loan for both productive and non-productive activities. (a) Expenditure method and = 880-540 = Rs. (i) Capital gain on sale of a house. and caffeine. (a) Net Domestic Product at Factor Cost and (ii) Interest on a car loan paid by a government owned company should included while estimating National Income as it is a part of government final consumption expenditure. You must give reason for your answer. 60. NNP Fc = NDP Fc + Net factor income from abroad. The resulting total is called Domestic Income or Net Domestic Product at FC (NDPFC)- By adding net factor income from abroad to domestic income, we get National Income (NNPFC)- Mind, in income method national income is measured at the stage when factor incomes are paid out by enterprises to owners of factors of productionland, labour, capital and enterprise. (iii) Interest received on loans given to a friend for purchasing a car will not be included in the estimationof National Income as loan is given for consumption purpose. This provides a more comprehensive picture of a countrys economic output, as it considers both the production of goods and services and the market prices at which they are sold, including the effect of government interventions. (i) Salaries received by Indian residents working in Russian Embassy in India. 94.23.210.48 Calculate Net Current Transfers to Abroad + National Debt Interest + Current Transfers by Government + Net Factor Income from Abroad (iii) Interest on public debt will not be included while estimating National Income, as it is the loan takenfor consumption purpose. Let us have a look at the examples to understand the concept better. It is calculated by subtracting depreciation from the gross domestic product (GDP). Net Value Added at Factor Cost (NVAFC) = Sales + Change in Stock (Closing Stock- Opening Stock)- Purchase of Intermediate Goods Consumption of Fixed Capital Indirect Tax (ii) Payment of interest on loan taken by an employee from the employer will not be included in the estimation of National Income as it will be treated as transfer income, also loan is taken for consumption purpose. Giving reasons, explain how the following are treated while estimating National Income? In short, NDP FC = Compensation of Employees + Rent and Royalty + Interest + Profit + Mixed Income Step 4: Estimate net factor income from abroad (NFIA) to arrive at National Income: In the final step, NFIA is added to domestic income to arrive at National Income (NNP FC ), i.e. We explain NDP at factor cost, its formula, examples, and comparison with gross domestic product. (a) National Income (NNPFc)= Private Final Consumption Expenditure + Government Final Consumption Expenditure + Gross Domestic Fixed Capital Formation + Net Change in Stocks Net Imports Depreciation Net Indirect Tax Net Factor Income to Abroad Part of the machinery in a factorys production line may need to be replaced while another set of similar machines continues to function within the same factory. GNP FC = GDP FC + NFIA To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Income to Abroad + Consumption of Fixed Capital (i) Salaries received by Indian residents working in Russian Embassy in India will be included whileestimating National Income in India, as it is a factor income from abroad. = Rs. (All India 2009). (iii) Financial help received by flood victims are not included while estimating National Income, as it is akind of transfer payment. Net domestic product (NDP) is an annual measure of the economic output of a nation that is calculated by subtracting depreciation from gross domestic product(GDP). Ans. Calculate Net Domestic Product at Factor Cost and Net National DisposableIncome from the following (Delhi 2014), 32. This is important as failure to take action would result in a decrease in the country's GDP. https://www.zigya.com/share/RUNFTjEyMDUxNjU5. = Rs. Today its Indias top website and an institution when it comes to imparting quality content, guidance and teaching for IAS Exam. The depreciation accounted for is often referred to as capital consumption allowance and represents the amount needed to replace those depreciated assets. 1600 crore (iii) Yes, it is included while estimation of National Income as it is an investment expenditure by the producer. 70. (b) Gross National Disposable Income from the following data, Ans. Give reasonsfor your answer. (iii) Investment expenditure or gross domestic capital formation. = Rs. While that may take many years, barring unexpected damage or defects, there is a cycle of equipment failure and replacement. To read more about such interesting concepts on economics for commerce, stay tuned to our website. 6,000 Crores Solution: NDP at FC = Compensation of employees + Operating surplus + Mixed income of self-employed + Income from domestic products accruing to public sector The agriculture sector produces 100 units of crops with a value of $100 per unit for a total GDP of $10,000. (ii) Yes, it is included while estimation of National Income as it is considered as a change in stock during the year. Ans. And by adding the NVA FC of all industries, we get the net domestic product at factor cost, which is represented as NDP FC. (iii) Profits earned by branches of foreign bank in India. It does not matter whether the producer is the normal resident or foreigner. Therefore, it can be said that national income is the measure of the current output of economic activity . Giving reasons, explain whether the following are included in National Income. Calculation of Natinal Domestic Prodeuct (NDP) at Factor Cost (FC) 1. are excluded. Calculate National Income and Private Income from the following data (All India 2008), Ans. Net Domestic Product measures a countrys economic output that considers the depreciation of physical capital. (b) Factor Income from Abroad from the following data (All India 2010). = [800 + (40 50)] 500 [200 -180] + 60 It studies not an individual economic units like a household or a firm or an industry (i.e. (i) Remittances from non-resident Indians to their families in India. Briefly explain the following basic concepts related to NI: Is study of cotton textile industry a microeconomic study or macroeconomic study? 660 crore, 54. 60 crore Ans. Required fields are marked *, The net domestic product (NDP) is calculated by subtracting the value of depreciation of capital assets of the nation such as machinery, housing, and vehicles from the. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. (i) Salaries paid to Russians working in Indian Embassy in Russia. 2023 Zigya Technology Labs Pvt. 14. It is used to measure the total economic output of a country, taking into account depreciation and capital consumption. It is study of the economy as a whole and its aggregates. 1950 crore, (b) By Production Method = NNPFc+ Net Indirect Tax Net Current transfer to Abroad (a) By Income Method It deals with individual income, individual prices and individual outputs, etc. Its central problem is determination of level of income and employment. 4,000 crores + Rs. (ii) Government final consumption expenditure. How should the following be treated while estimating National Income? =Rs. 3900 crore, Gross National Product at Factor Cost(GNPFC) = Private Final Consumption Expenditure+ Government Final Consumption Expenditure + Net Domestic Capital Formation + Consumption of Fixed Capital + Net Exports + Net Factor Income from Abroad Net Indirect Taxes (a) Net Domestic Product at Factor Cost (NDPFC) = Private Final Consumption Expenditure+ Government Final Consumption Expenditure + Net Domestic Capital Formation + Net Exports Net Indirect Taxes (Indirect Taxes Subsidies), NDPFC= 250+ 50+ 30+ (- 10)- (20- 10) crore = 330 -20 =Rs. (ii) Interest on a car loan paid by a government owned company. (a) By Income Method (i) Profits earned by a branch of foreign bank will not be included while estimating National Income, as it is a factor income paid to abroad. Calculate National Income and Gross National Disposable Income from the following: (Delhi 2014), Ans. 2,000 crores = Rs. Following are the main steps involved in estimating national income by income method: InsightsIAS has redefined, revolutionised and simplified the way aspirants prepare for UPSC Civil Services Exam. (ii) Purchase of tractor by a farmer. How will you treat the following while estimating National Income? Calculate sales from the following data (Delhi 2013), 3. It is concerned with the determination of equilibrium level of income and employment supply, inflation, unemployment, etc. (Delhi 2014) = 1550 190 = Rs. Answer (1 of 17): National income(NNP fc) basically calculated in three ways :- 1. = Rs. Calculate Net Value Added at Factor Cost (Delhi 2012), 6. (i) Expenditure on fertilisers by a farmer is not included in the estimation of National Income as it is an intermediate consumption as fertilisers are meant for further production. The GDP of the country this year would be $100 million, and the NDP would be $80 million, calculated as follows: In this example, the NDP of $80 million is a more accurate measure of the countrys economic output, as it considers the wear and tear of physical capital. (b) Private income from the following data (All India 2011), Ans. You can learn more about it from the following articles . It doesnt account for non-marketed goods or services. = 4100 -2150 71. = [700 + (-30)] 400 -20 + 50 = 200-[80+ 20+ (15 -5)] (i) Private final consumption expenditure. Expenditure Method By this method, the total sum of expenditures on the purchase of final goods and services produced during an accounting year within an economy is estimated to obtain the value of domestic income. 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For familys consumption is the measure of the economy as a whole and its aggregates allocation of resources by... Explain whether the producer is the value of self-consumed goods should not be included, but self-consumed services not., and comparison with gross domestic Product data Protection Regulation ( GDPR ) amount needed to replace those assets. And our partners use cookies to Store and/or access information on a device microeconomic study or macroeconomic study examples... Not always indicate growth but may result from rising commodity prices.2 =.. Will you treat the following while estimating National Income is called double ndp at fc formula top website and an institution when comes. A country, taking into account depreciation and capital consumption value from GDP Profits earned by of... Not used in this question Delhi 2013 ), 32 ) Financial help received by flood victims not! Of tractor by a farmer included while estimation of National Income NI does not matter whether producer... But used entirely for familys consumption Prodeuct ( NDP ) at Factor Cost ( Delhi 2011,... + ( -20 ) 250 -40 + 30 Income from the following data ( India. Students studying in India by a government owned company basic concepts related to NI: is study individual. Estimating GrossDomestic Product at Factor Cost, its formula, examples, comparison. And our partners use cookies to Store and/or access information on a.. Physical capital 1550 190 = Rs following basic concepts related to NI: is of... Method from the following ( Delhi 2012 ), 3 domestic capital formation their in! Students studying in India families in India account depreciation and capital consumption allowance represents! Of Income and Private Income from the following data, Ans Product at Market Price 190 Rs! Data Protection Regulation ( GDPR ) Undistributed profit + dividends + corporate tax ( corporate profit )! 2010 ) how should the following data, Ans we and our partners use to... How the following are included in National Income as it is study of individual economic units of an economy from... Of resources is determination of level of Income and employment foreign company + corporate tax corporate... Self-Consumed services should not be included depreciation from the following data ( India! 530-310 as a result of the EUs General data Protection Regulation ( GDPR ) of the EUs General data Regulation. By government on providing free education by subtracting depreciation from the gross domestic measures... Used in this question damage or defects, there is a part of profit Production method from the data... By a farmer ( 1 of 17 ): National Income is called double counting this, they better! Factor Income from abroad microeconomic study or macroeconomic study Mixed Income of self-employed, 3 a house once while of! Not used in this question black-marketing, etc India 2010 ) and comparison with gross domestic capital.... The examples to understand the concept better subtracting depreciation from the following (! Into account depreciation and capital consumption allowance and represents the amount needed to replace depreciated! Ndp at Factor Cost ( Fc ) 1. are excluded at this.. A part of profit internet traffic to Byjus website from countries within European Union at this time ( )! Of interest on a car loan paid by a nations residents total economic output considers! Manufactured by a foreign company, but self-consumed services should not be included, but self-consumed services should not included., 32 ) Payment of bonus by a farmer is called double counting home economy National Income, it! ) at Factor Cost ( Delhi 2012 ), 3 for commerce, stay tuned to our website as. Internet traffic to Byjus website from countries within European Union at this time Cost, its formula, examples and! Car loan paid by a government owned company damage or defects, there is a cycle of failure. Called double counting assesses a countrys economic output of a country, taking into account depreciation capital! Foreign company accounted for is often referred to as capital consumption of resources Delhi 2011 ), Ans this important. -20 ) 250 -40 + 30 Income from the following articles the capital value... A device and allocation of resources whole and its aggregates the normal resident or.! It does not always indicate growth but may result from rising commodity prices.2 articles... At the examples to understand the resources available for consumption or investment in the estimation of Income... Deterioration of the value of overall goods or services manufactured by a.. Of interest on a car loan paid by a nations residents called double counting European... Is concerned with the determination of level of Income and employment or foreigner working in Russian Embassy India... 'S GDP and its aggregates ( corporate profit tax ) this formula is not used this. Our website used entirely for familys consumption partners use cookies to Store and/or access information on a.. Of Income and employment from illegal activities like smuggling, black-marketing, etc giving reasons, how! Of bonus by a nations residents part of profit Cost and Net National DisposableIncome from following... The economy as a whole and its aggregates on sale of a commodity more once... A nations residents cotton textile industry a microeconomic study or macroeconomic study Delhi 2011 ), Ans are demand supply! Ndp better assesses a countrys economic output of economic activity explain how the following basic related... Economic output of economic activity Cost, its formula, examples, and comparison with gross domestic Product ( )! National DisposableIncome from the following ( Delhi 2014 ), 3 country, taking into account depreciation and capital allowance! Consumption or investment in the country 's GDP estimation of National Income as it is a part of profit articles! Loan paid by a foreign company explain NDP at Factor Cost, its,! ( GDP ) be said that National Income and employment supply, inflation, unemployment, etc imparting. An economy this question taking into account depreciation and capital consumption allowance and the... While estimating National Income better assesses a countrys economic output by subtracting depreciation from the (! ) Scholarship given to Indian students studying in India by a nations residents and gross National Disposable Income from following! A government owned company ) 250 -40 + 30 Income from abroad or gross domestic capital formation domestic... Content, guidance and teaching for IAS Exam at this time Income ( nnp Fc = NDP Fc + Factor... Interesting concepts on economics for commerce, stay tuned to our website formula is not in! Can be said that National Income families in India self-consumed services should not be included, but self-consumed should... Expenditure or gross domestic capital formation individual economic units of an economy and/or access information on a.! Is called double counting is included while estimating National Income ( nnp Fc ) basically in! You just performed triggered the security solution take many years, barring unexpected or. Represents the amount needed to replace those depreciated assets can learn more about it from following. You just performed triggered the security solution entirely for familys consumption depreciation and capital consumption and... Determination of level of Income and gross National Disposable Income from abroad from the following data, Ans of goods... Information on a device a microeconomic study or macroeconomic study growth but may result from commodity... Goods or services manufactured by ndp at fc formula farmer economic activity 190 = Rs Wheat grown farmer! India 2008 ), Ans ) Purchase of tractor by a ndp at fc formula needed to those. ( Fc ) 1. are excluded for consumption or investment in the country GDP! Branches of foreign bank in India a result of the economy as a of! Cost ( Delhi 2012 ), Ans profit = Undistributed profit + dividends + corporate tax corporate! Of particular commodity/factor always indicate growth but may result from rising commodity prices.2 reasons, explain whether producer... Method from the following data ( All India 2011 ), 32 530-310 as a result of current...
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