An Analysis of Trends of National Income in India

National Income has been an important component of story of an economy‘s growth and development. National income is defined in different ways accommodating for subsidies, taxes, depreciation, exports and imports. The study was undertaken in order to analyse the trends of growth of National income from 1950–51 to 2014–15. The study found that national income, measured in terms of GDPMP has grown statistically significant at 5% level of significance. Further, an attempt is also made to present sectoral contribution to total GDP. And it is found that service sector‘s contribution is increasing on one hand and decreasing the shares of both industry and agriculture. Although Indian economy is growing at good economic pace, steps are needed to accelerate income of farm and industry as they constitute sectors of real production