CSEET Economics | Chapter 2 & 3 | National Income & Indian Union Budget

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CSEET Economics | Chapter 2 & 3 | National Income & Indian Union Budget
In this Video CS Praveen Choudhary has explained in detail about Chapter 2 and Chapter 3 of CSEET Economics.

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CSEET Video Lectures | Introduction to Chapter 2 : National Income Accounting and Related Concepts
National income is an uncertain term which is used interchangeably with national dividend, national output and national expenditure. On this basis, national income has been defined in a number of ways. In common parlance, national income means the total value of goods and services produced annually in a country.
In other words, the total amount of income accruing to a country from economic activities in a year's time is known as national income. It includes payments made to all resources in the form of wages, interest, rent and profits.
National Income or Net National Income is Gross National Income or Gross National Product less depreciation. It is to be noted that National Income includes Net Factor Income Earned from Abroad also. While computing National Income only finished or final goods are considered as factoring intermediate goods used for manufacturing would amount to double counting. It includes taxes but does not include subsidies.

CSEET Online Classes | Introduction to Chapter 3 : Indian Union Budget

• The first Indian Budget was presented by Mr James Wilson on February 18, 1869 after Indian Budget was introduced on April 7. 1860 by the East India Company.
• The first Budget of Independent India was presented by the then Finance Minister. Mr RK Shanmukham Chetty on November 26. 1947.
• Till 1955, Budget was only printed in English language. However, from 1955-56, budget started getting printed in both languages, Hindi and English.
• In the British Era, the Budget used to be presented at 5 PM. This practice was discontinued in the year 2001 by presenting the Budget at 11 AM.
• Until 2017, the ritual was to present the Budget on the last working day of the February. From last 2 years. Budget is now presented on the first working day of the February
• Mr KC Neogy and Mr HN Bahuguna were the only two Finance Ministers who did not present any Indian Budget.
• The record of presenting maximum number of Budgets is held by Shri Morarji Desai for presenting 10 Budgets.
• For the first time in 92 years. Union Budget of 2017 merged the Union Budget with the Rail Budget, which was usually presented separately.

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