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importance of national income pdf

Whereas GDP refers to the income generated by production activities on the economic territory of the country, In most countries, net receipts of property income account for most of the difference between GDP and GNI. In India one year means from 1st April to 31st March of the next year. However, it is important to note that retained earnings of foreign enterprises owned by residents do not actually return to the residents concerned. Thus, the measurement of National Income becomes important. Since the publication of Keynes ‘General Theory of Employment, ‘Interest and Money in 1936, there has been a change over from micro-analysis to macro-economy considerations like the aggregate national income, national consumption, national saving and investment. The study of national income is basic to study of Keynesian theory of employments as the total performance of an economy is judged by an increase in income and employment. The development of modern macro-economic analysis has assumed great importance after the publication of Keynes” General Theory. A country cannot possibly frame a plan without having a prior knowledge of the trends in national income. national income concept and hence of national income esti-mates is neither thankless nor purely destructive. National Income studies are important even in the international sphere as these estimates not only help us to fix the burden of international payments equitably among different nations but also they enable us to determine the subscriptions of different countries to international organizations like U.N.O., I.M.F., I.B.R.D., etc. National income studies help us to compare the standards of living of people in different countries and of people living in the same country at different times.

They must have a clear idea as to the sources of income and the heads of expenditure. A counter entry of the same amount is treated as a financial transaction (a reinvestment of earnings abroad, in shares and other equities) and not as a payment of property income.Countries with large stocks of outward foreign direct investment may be shown as having large receipts of property income from abroad and therefore high GNI even though much of the property income may never actually be returned to the country but instead added to foreign direct investment. Modern governments try to prepare their budgets within the framework of national income data and try to formulate anti- cyclical policies according to the facts revealed by the nation income estimates.

National income studies show as to how national expenditure is dividend between consumption expenditure and investment expenditure. It is for that reason that GDP per capita is the most widely used indicator of income or welfare, even though it is theoretically inferior, in that context, to either GNI or NNI.OECD (2012), “Aggregate National Accounts: Disposable income and net lending/borrowing”, OECD National Accounts•* OECD (2000), System of National Accounts, 1993 – Glossary, OECD Publishing,This project has received funding from the European Union's Seventh Framework Programme for research, technological development and demonstration under grant agreement no 610422.
The first and foremost importance of national income estimate is that it gives us a correct picture of the structure of the economy, as well as a correct picture of the distribution of income according to regions industrial origin, functional services and persons: If, exhaustive, detailed and consistent national income estimates are available over a long period of time.

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