This chapter deals with definitions, concepts and constituents of national income, measurement and difficulties involved, the national income of India, the connection between national income and economic welfare, uses of national income data, and finally the means by which a poor country can increase its income.
The study of modern economics is centred on the concept of national income. What determines the level of national income, what causes changes in it and what factors influence its growth or decline, are the most important considerations in the study of economics. All branches of economics are concerned in one way or the other with national output, employment and income. This is rightly so because the aim of economic ...