— According to the reports of the Temporary National Economic Committee (2016), the significance of national income can be marked for the estimation of economic welfare of a particular nation. It is through national income that a country can compare its living standards and asses growth rates with other nations. The importance of national income also lies in the process of analysing the economic behaviour of various sectors of a nation. It supports in gaining comprehensive understanding about the deflation and inflation status of the country. Based on the statistics of national income, a country can forecast and further plan its strategies for economic growth. As a result of such planning, the country can opt for appropriate business initiatives and proceedings for overall development of the nation. Following the national incomes data, a country gains the responsibility to offer appropriate and proportionate means for structuring and restructuring its economic initiations.

In case of any civil or international crisis, the significance of national income increases manifold. In time of a crisis, the national income is capable of showing extensive possibilities for production and manufacturing in the particular country.  The statistics of national income is also responsible for gaining awareness about the financial liabilities in the international network. The comparisons with other countries make it very easy to assess the status of the nation in the international scenario. Most importantly, it is through the derivation of the national income that a country can compare itself with other nations and thereby gain knowledge about the right means to attain economic reformations.

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