Question

The economist who for the first time scientifically determined National Income in India
1. D.R. Gadgil
2. V.K.R.V. Rao
3. Manmohan Singh
4. Y.V.Alagh
5. None of the above/More than one of the above

Answer 1

Correct Answer - Option 2 : V.K.R.V. Rao

The correct answer is V.K.R.V. Rao.

• National Income in India:
  • The per-capita net national income during 2019-20 is estimated to be Rs 1,35,050 showing a rise of 6.8 per cent as compared to Rs 1,26,406 during 2018-19 with a growth rate of 10.0 per cent.
  • According to the annual national income and GDP 2019-20 data released by the Ministry of Statistics and Programme Implementation (MoSPI).
  • In 2018-19, the monthly per-capita income had stood at Rs 10,534.
  • The country’s per-capita monthly income is estimated to have risen by 6.8 per cent to Rs 11,254 during 2019-20, government data on national income.
  • India ranks third when GDP is compared in terms of purchasing power parity at 33 trillion.
  • When it comes to calculating GDP per capita, India’s high population drags its nominal GDP per capita down to,170.
  • India is the fifth-largest overall, with a nominal GDP.
• V.K.R.V. Rao:
  • Prof. Vijayendra Kasturi Ranga Varadaraja Rao was a multifaceted personality - Economist, Educationist, Administrator and Institution builder.
  • VKRV Rao held various prestigious academic and administrative positions such as Vice-Chancellor, Delhi University, Planning Commission Member, Union Cabinet Minister first for Shipping and Transport and then Education and Youth Services,
  • He was awarded Padma Vibhushan in 1974.
  • He was the founder of the Delhi School of Economics, Institute of Economic Growth and Institute for Social and Economic Change.

• D.R. Gadgil:
  • Prof. Gadgil’s ideas about industrial labour can be understood in his publications of Regulation of Wages and other problems of Industrial Labour in India in which topics related to wages, employment, the standard of living of workers, industrial relations effects of rationalisation of industries are covered.
  • Gadgil points out the great evils in the existing wage rate system:
    • (i) Low level of wage of industrial workers, and
    • (ii) Disparities between the wages paid for similar work.
• Manmohan Singh:
  • Manmohan Singh, an Indian economist and politician, served as prime minister of India from 2004 to 2014.
  • In the 1970s he was named to a series of economic advisory posts with the Indian government and became a frequent consultant to prime ministers.
  • Singh also worked at the Reserve Bank of India, serving as director (1976–80) and governor (1982–85).
• Y.V.Alagh:
  • An eminent economist, educationist and Government Policy Advisor, Prof Yoginder K Alagh went on to serve as a  Member of the Rajya Sabha and was appointed  Minister of State (Independent Charge) for Planning and Programme Implementation, Science and Technology and Power.
  • He headed various institutions and Commissions and acted as expert with a number of UN organisations.
  • He was also a Member of the Planning Commission, Govt. of India.
  • He is Chancellor of the Central University of Gujarat.
  • He was the seventh Vice-Chancellor of JNU.