GDP is a measure of production within the domestic territory. GNP is a measure of production by the residents of a country. The difference is Net Factor Income from Abroad (NFIA). NFIA = Factor income earned by residents from abroad - Factor income paid to non-residents in the domestic territory.
Which one of the following statements is not correct for National Income Accounting for India?
Asked in UPSC CDS 1 2024 · Topic: National Income & Gross Domestic Product (Gross Domestic Product (GDP): Concepts and Measures)
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Answer: B. Net factor payments earned from abroad are included in Gross Domestic Product.
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