Lecture 5 National Income Accounting - Indian Economy | UPSC Prelims & Mains Sumant Sir

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National Income Accounting: Concepts, Methods & Importance | Economy for UPSC
National Income Accounting is a vital economic tool to measure the overall economic performance of a country. This video explains the concepts, methods, and importance of national income accounting, a core topic for UPSC Prelims & Mains GS3 Economy.
📚 Key Topics Covered in This Video:
✅ What is National Income Accounting?
✅ Key concepts: GDP, GNP, NDP, NNP, at factor cost and market price
✅ Methods to measure National Income: Value Added Method, Income Method, Expenditure Method
✅ Circular flow of income: Understanding the economic interactions
✅ Importance of National Income Accounting in policymaking and growth measurement
✅ Challenges in estimating National Income: Informal economy, data accuracy
✅ India's approach to National Income Accounting: CSO and NSO role
✅ Linkages with development indicators like HDI, per capita income
This video provides a comprehensive understanding of National Income Accounting, essential for answering questions in prelims, mains, and essays on Indian Economy and macroeconomic concepts.
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