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standard measures of income and output are Gross National Product (GNP),
Gross Domestic Product (GDP), Gross National Income (GNI), Net
National Product (NNP), and Net National Income (NNI). In India, the
Central Statistical Organisation has been estimating the national income.
You measure your academic performance in relation to other students
by the percentage of the marks scored by you. Similarly a country’s economic
performance has been measured by indicators of national income such as
GDP or GNP. Further, measuring national income is essential for various
purposes that include projection about the future course of the economy,
assisting government as the basis to design (or redesign) suitable development
policies, helping firms in forecasting future demand for their products and
facilitating international comparison...
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