Ch 4 · Business Cycles & National Income

5 concept points · 5 formulas · 4 exam-critical points.

⭐ Important points (exam-critical)

• ⭐India uses 2011-12 as base year for GDP deflator.
• ⭐Transfer payments not included in national income (pensions to retirees from government).
• ⭐Distinguish GDP (territorial) from GNP (national — adds NFIA).
• ⭐MOSPI (Ministry of Statistics & Programme Implementation) releases India's GDP data.