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Which of the following is NOT included while estimating National Income? I.Goods sold by street hawkers II.Services of housewives III.Production of vegetable in kitchen garden
All I, II and III
Only II and III
Only III
Only I┬аand II
All I, II and III
National Income accounting only includes economic activities that generate a flow of income and are part of the organized market exchange. Activities such as the services of housewives, home-grown produce for self-consumption, and informal unrecorded sector sales (like street hawkers where data is not officially captured) are excluded because they lack market transactions or are difficult to quantify.
National Income accounting only includes economic activities that generate a flow of income and are part of the organized market exchange. Activities such as the services of housewives, home-grown produce for self-consumption, and informal unrecorded sector sales (like street hawkers where data is not officially captured) are excluded because they lack market transactions or are difficult to quantify.
The Ministry of Statistics and Programme Implementation (MoSPI) and the National Statistical Office (NSO) are responsible for the estimation of National Income in India, currently using 2011-12 as the base year for GDP calculations.
National Income accounts for the value of final goods and services produced within the domestic territory during a financial year.
Imputed values for non-market activities are largely excluded to prevent estimation errors and double counting.
The informal sector or 'black economy' often remains outside official National Income estimates due to the absence of formal bookkeeping.
Services of housewives are excluded because they are unpaid and do not enter the market exchange, making their valuation arbitrary.
Kitchen garden produce consumed by the producer is generally considered a non-market activity and is excluded from GDP to avoid subjective valuation.
Goods sold by street hawkers are often excluded in practice due to the lack of official invoices, tax filings, or documentation required for systemic GDP estimation.
Option A is correct because all three listed activities lack the formal documentation or market-based monetary transactions necessary for inclusion in official National Income statistics.
A is correct тАФ All listed items are excluded from National Income because they are either non-market activities or part of the unorganized sector lacking official transaction records.
When studying National Income, differentiate between 'Transfer Payments' (like scholarships and pensions) and 'Factor Income', as transfer payments are also excluded from National Income calculations.
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