Question
Download Solution PDFNational income at constant prices means:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- Income estimated at base year prices refers to national income calculated using the prices of a specific base year, which helps in eliminating the effects of inflation and provides a more accurate measure of real income over different periods.
- This method allows for a consistent comparison of economic performance over time by adjusting for changes in price levels.
- It is also known as national income at constant prices or real national income.
- Using base year prices helps in understanding the actual growth of the economy without the distortion caused by fluctuating prices.
Additional Information
- The concept of national income at constant prices is crucial for economic analysis and policy-making.
- It helps in understanding the real growth of different sectors of the economy.
- The base year is periodically updated to reflect more recent economic conditions and to provide a more accurate measure of real economic performance.
- National income is a vital indicator of the economic health of a country and is used for planning and development purposes.
- Organizations like the Central Statistical Office (CSO) in India are responsible for calculating and publishing national income data.
Last updated on May 28, 2025
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