The first attempt to calculate the national income of India was done by Dadabhai naoroji. According to them in 1868 per capita income was 20 INR. He published a book called Poverty and Unbritish Rule in India where he mentioned his study about national income of India. At present, the national income of India is calculated by CSO. CSO stands for Central statistical organisation .
The final monetary value of all goods and services produced by an economy in a financial year is called GDP. (India's financial year is from 1 April to 31 March )
Net Domestic Product
When we subtract the depreciation from GDP then we get NDP.
Gross National Product
Total monetary value of goods and services by Indian nationals, whether they are in India or outside India is called GNP.
GNP = GDP + X - M
Net National Product
NNP = GNP - Depreciation
Now let's jump on National Income
When we produce a product including land, labour, capital, organiser, how much it costs us is called factor cost.
Factor Cost = Total Cost / Total Quantity
when a buyer buy something in market, that price is called market price. Market price is a inclusion of indirect taxes in Factor Cost.
Market Price = Factor Cost + Indirect Taxes
NNPMP = NNPFC + Indirect Taxes
NNPFC = NNMP - Indirect Taxes + Subsidy
When indirect taxes are deducted from the net national product received at market price and subsidy is added, then it gives us the national income.
Per Capita Income = National Income / Total Population