The main of India's national income is ________.industryagricultureforestrynone of the above (2024)

FAQs

What is the main source of national income of India? ›

It is the service sector which is the main source of national income.

The service sector is the main source of income in the Indian economy. It has grown exponentially and contributes 60% of the GDP.

The service sector is the largest contributor to the national income of India.

In monetary terms its measure is the Gross Domestic Product (GDP), Gross National Income (GNI), and Net National Income (NNI). Apart from these macro-economic aggregates, the other important indicators to measure health of economy are capital formation and savings.

Net National Income (NNI) at current prices for the year 2022-23 stands at ₹234.39 lakh crore as against ₹206.53 lakh crore in 2021-22, showing a growth of 13.5 per cent during 2022-23 as compared to growth of 19.7 per cent in the previous year.

The major sources of revenue for the Indian government are the GST and income tax. Both sources of taxation account for roughly 90 per cent of the government's overall revenue. GST contributed about 57 per cent of overall tax revenue in 2021-22.

The sources of money supply involve both the central bank (typically the Reserve Bank of India, RBI, in India) and commercial banks. The key sources include: The RBI has the authority to issue currency notes and coins, contributing to the physical component of money supply (M0).

Taking all three sectors into consideration, the textile industry is the largest industry in India. It accounts for around 20 percent of the industrial output and also provides employment to over 20 million individuals. Further, it contributes around 33 percent of the total export earnings.

Agriculture was once India's main source of revenue and income but it fell to approximately 16.7% of the country's GDP by 2022. The service industry in India increased from a fraction of the GDP to approximately 48.4% from the early 1960s through 2022. Over 6 million foreign tourists visited India in 2022.

Service sector contributes the most in the Indian GDP.

What is the primary sector of India? ›

The Primary Sector

The primary sectors include those factors which make use of natural resources in order to manufacture goods and execute various resources. Agriculture is the most important primary sector activity of the Indian economy. Other primary sector activities include fishing, forestry, cattle breeding, etc.

Agriculture is the considered as the main occupation of majority of people in India. It has helped the India economy in the following ways: provides food and fodder. distribution of wealth.

The correct answer is Service Sector.

National Income in India is measured in terms of Net National Product at Factor Cost. National Income can be estimated by the expenditure method or product method or income method.

The national income is calculated using the expenditure method as a flow of expenditure. The gross domestic product (GDP) is the sum of all the private consumption expenditures. The factors such as government consumption expenditure, gross capital formation (public and private) and net exports must be considered here.

Answer and Explanation: The primary source of income for the government is taxation. Taxation is the imposition of a government's financial obligations on individuals or entities. Taxation is aimed at assisting the government to generate income to fund different programs.

The primary sources of revenue for the U.S. government are individual and corporate taxes, and taxes that are dedicated to funding Social Security and Medicare. This revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing.