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.
Video Lectures & Explanations
Curated educational video lectures explaining this topic for UPSC EPFO
Sleepy Classes
National Income Accounting, GDP/GVA & Inflation Indices
Focus: GDP at market price vs factor cost, NNP identities, base year concepts, CPI vs WPI
Watch Lecture
StudyIQ IAS
Poverty Estimation & Unemployment Types (PLFS Explained)
Focus: Tendulkar & Rangarajan committees, National MPI, UPSS vs CWS vs CDS
Watch Lecture