National Income

Step 1: Understanding the Concept:
The question asks for the "nominal" economic size of India as mentioned in the provided text.
Step 2: Detailed Explanation:
The passage provides a comparison between India and the United Kingdom in terms of their GDP measured in 'nominal' cash terms.
It explicitly states: "The size of the Indian economy in ‘nominal’ cash terms was estimated to be \$ 854.7 billion."
During the same period, the U.K. was estimated at \$ 816 billion, making the Indian economy larger.
Step 3: Final Answer:
Based on the text, the current estimated size of the Indian economy is \$ 854.7 billion.

Step 1: Understanding the Concept:
The question focuses on the demographic comparison between the two nations and its impact on per-capita indicators.
Step 2: Detailed Explanation:
While India has surpassed the U.K. in total economic size, the text notes a significant difference in population.
It states: "But, India has a population 20 times that of the U.K. and so its GDP per capita is lower."
This means that even though the total "pie" (GDP) is larger, it has to be shared among a much larger group of people, resulting in less income per individual compared to the U.K.
Step 3: Final Answer:
As per the passage, India's population is 20 times larger than that of the United Kingdom.

Step 1: Understanding the Concept:
National Income is the total value of final goods and services produced by normal residents of a country in a year, representing the total factor payments.
Step 2: Detailed Explanation:
1. Factor Cost (FC): We use factor cost because it represents the actual income earned by factors of production (Wages + Rent + Interest + Profit). Market Price includes taxes which are not "income" for factors.
2. Net: We use "Net" because depreciation (consumption of fixed capital) is subtracted from "Gross" to find the actual new value added.
3. National: We use "National" (which includes Net Factor Income from Abroad) instead of "Domestic" to account for the income of residents worldwide.
4. Therefore, standard National Income is technically defined as (Net National Product at Factor Cost).
Step 3: Final Answer:
National Income is equivalent to Net National Income at Factor Cost.

Step 1: Understanding the Concept:
Net Indirect Tax (NIT) is the bridge used to convert Factor Cost into Market Price in national income aggregates.
Step 2: Key Formula or Approach:

Since , the formula becomes:

Step 2: Detailed Explanation:
1. Indirect Taxes: These are taxes levied by the government on production and sale (like GST), which increase the market price.
2. Subsidies: These are financial aids provided by the government to reduce the price of essential goods.
The "Net" impact is found by subtracting what the government gives back (subsidy) from what it takes (tax).
Step 3: Final Answer:
The statement is True as per the standard economic definition of Net Indirect Taxes.