Transfer Payments: One-way payment of money for which no money or service is received in exchange. Not considered subsidies, as subsidies are linked to economic transactions. Direct Benefit Transfers (DBT) are not classified as transfer payments because they are part of GDP. GDP and GNP: GDP = Gross Value Added (GVA) + Indirect Tax - Subsidy. GNP = Gross Domestic Product (GDP) + Net Factor Income from Abroad (NFIA). Differences Among GVA @ Basic Price, GVA @ Factor Cost, and GDP @ Market Price: GVA @ Basic Price: Includes: Production taxes. Excludes: Production subsidies. GVA @ Factor Cost: Excludes: All taxes (production and product taxes). Includes: All subsidies (production and product subsidies). GDP @ Market Price: Includes: Both production and product taxes. Excludes: Both production and product subsidies. GDP and GVA GDP- Involves Product tax and subsidies GVA- Involves Production tax and subsidies India’s National Income Statistics: Organizations Responsible: The Central Statistical Office (CSO) and Ministry of Statistics and Programme Implementation (MOSP&I) are responsible for compiling the National Accounts Statistics (NAS). At the state level, the State Directorate of Economics and Statistics (DES) handles State Domestic Product (SDP) and other related statistics. CSO’s Role: Provides GDP estimates. Publishes Advanced Estimates (AE) two months prior to the closing of the current financial year. New GDP Series 2015 by CSO: Adoption of International Standards: Based on the recommendations of the System of National Accounts, 2008 (UN) to align figures with international standards. Key metrics: GVA at Basic Price. GDP at Market Price. Two Major Changes: Base Year Change: Shifted to 2011-12, incorporating the NSSO Employment-Unemployment (E-UE) survey for better representation of the unorganized sector. GDP Calculation Method: Transitioned from Factor Cost (FC) to Market Price (MP). Comparison of Old Series and New Series GDP Parameters: ParameterOld SeriesNew SeriesHeadline GDPGDP @ Factor CostGDP @ Market PricePreferenceProducer-end (prices received by producer)Consumer-end (market prices paid by consumers)Data- Production cost- Production cost- Selling and marketing costs NOT included- Selling and marketing costs included- Govt earnings (tax subsidies) NOT included- Earnings from indirect taxes (after deducting subsidies) INCLUDEDMethod to Cover Informal SectorLabor Input method: treats all labor equallyEffective Labor Input method: assigns weights to different categories of workersValue Addition in AgricultureFarm ProduceFarm Produce + Livestock + Other ActivitiesIncome from Financial SectorLimited to banking, insurance, and some NBFCsIncludes stock brokers, stock exchanges, AMCs, regulatory bodies (PFRDA, SEBI), and more Back Series GDP Estimates: Method Used: Slicing method. Advisory Body: National Statistical Commission advises the Ministry of Statistics and Programme Implementation (MoSPI). Official Status: Estimates in the report are not official. Released By: Central Statistical Office (CSO) and NITI Aayog. Global Hunger Index (GHI): Prepared By: Welthungerhilfe and Concern Worldwide. Indicators Used: Undernourishment. Wasting in children under 5. Stunting in children under 5. Under-5 mortality rate. Social Progress Index (SPI): Prepared By: Non-profit organization Social Progress Imperative. Key Parameters: Basic Human Needs. Foundations of Well-Being. Opportunity. National Resource Accounting (NRA): Also Known As: National Capital Accounting. Definition: A process of calculating the total stocks and flows of natural resources and ecosystem services. India's Commitment: Declared adoption of NRA at the Nagoya Meeting in 2010. Global Adoption: Adopted by the UN’s System of Environmental-Economic Accounting (SEEA) in 2012. Environmental Performance Index (EPI): Prepared By: Yale Center for Environmental Law and Policy (YCELP). Columbia University. World Economic Forum (WEF). Joint Research Centre of the European Commission (JRCEC). Ranking Focus: Protection of Environmental Health. Protection of Ecosystems. Report Title: Global Metrics for Environment. Least Developed Countries (LDCs): Criteria: Poverty: Per capita income below $1,035. Human Resource Weakness: Indicators like health, education, and literacy. Economic Vulnerability: Assessed on the resilience and stability of the economy. Review Process: Criteria are reviewed every three years by the Committee on Development Policy of UN ECOSOC (United Nations Economic and Social Council).
