1. The 18th G20 summit has concluded in New Delhi.

2. The G20 was established in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues.

3. In the wake of the 2007 global economic and financial crisis, the G20 was elevated to the level of heads of state/government, and in 2009 was designated as the "major forum for international economic cooperation".

In India, on the one hand, Per Capita Income is low and on the other hand, there is large inequality in the distribution of wealth and income, according to Human Development Reports. Lack of opportunity means that its most valuable assets its people is not being fully used. It is appropriate reason of income gap.

The average income of the people of a country in a particular year is called Per Capita Income for that year. So, it is National Income divided by population.

Per Capita Income

= National Income/Total population of the country

Though Per Capita Income is more reliable than GNP for many particular purpose.

Initially NNP_FC was known as National Income but Now NNP_MP is known as National Income.

Gross profit = Net sales (total receipts) - Cost of goods  sold (total expenditure)

In other words it is the total receipt over total cost.

There are only three methods are using for calculating of national income i.e., value added method, income method and expenditure method.

A teacher who is teaching his own daughter is not a part of economic activity as the imputed value of such activities can not be calculated.

Consumption and income are directly or positively  related. An increase in income results in increase in consumption  and vice-versa.