Economy~12 min read

National income, poverty, employment

GDP identities, poverty lines, unemployment types, PLFS.

GDP at market prices = C + I + G + (X−M). NDP = GDP − depreciation. National income usually NNP at factor cost (now GVA at basic prices is the NSO workhorse).
GVA at basic prices + product taxes − product subsidies = GDP at market prices.
Base year of national accounts currently 2011-12 (revision to 2022-23 is in process — watch PIB).
Poverty: Tendulkar (consumption), Rangarajan (higher lines). Multidimensional Poverty Index (NITI + UNDP/OPHI) uses health, education, living standards.
Unemployment: frictional, structural, cyclical, disguised, seasonal. Usual Principal Status vs Current Weekly Status vs Current Daily Status (PLFS).
PLFS by NSO/MoSPI: labour force participation, worker population ratio, unemployment rate. Periodic, with urban quarterly estimates.
Formalisation signals: EPFO payroll (net new subscribers), ESIC, GST filers, e-Shram.

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