National Income

 ☼  The Ministry of Statistics & Programme Implementation released the new series of national accounts on 30th January 2015, revising the base year from 2004-05 to 2011-12. The base year of national accounts was last revised in January 2010.

☼  The Central Statistics Office (CSO) which has the responsibility of preparing national income estimates has divided the economy into 13 sectors, grouped under five main headings. It prepares the estimate of net domestic product. To this is added the net income from abroad to get the estimate of the national product or national income.

☼ These sector headings with the sub-sectors belonging to each are as follows:

1. Primary:
(i) Agriculture;

(ii) forestry and logging;

(iii) fishing; and

(iv) mining and quarrying;

2. Secondary:
(v) manufacturing, subdivided into

(a) registered and

(b) unregistered;

(vi) construction;

(vii) electricity, gas and water supply.

3. Transport, Communication, and Trade:

(viii) transport, storage, and communication subdivided into

(a) railways,

(b) transport by other means and storage,

(c) communication;

(ix) trade and hotels and restaurants;

4. Finance and Real Estate:

(x) banking and insurance;

(xi) real estate and ownership of dwelling and business services;

5. Community and Personal Services:

(xii) public administration and defense; and

(xiii) other services.

☼  India officially used to calculate it's national income at factor cost. Since January 2015, the CSO has switched over to calculating it at market price.

============================================================================
Important Link:
1. The concept of National Income (Govt. T.Romana College)