GENERAL KNOWLEDGE

Detailed explanation-1: -Detailed Solution. VKRV Rao has done pioneering work on National Income. Rao was the first person to adopt a scientific procedure in estimating the national income in 1931. He was also the member of National Income Committee formed in 1949.

Detailed explanation-2: -Dadabhai Naoroji was a pioneer in this field. He estimated the agricultural production in the country and then a certain percentage was added as non-agricultural production to determine national income in 1876. The scientific method to estimate national income was adopted in 1931 by VKRV Rao.

Detailed explanation-3: -Dadabhai Naoroji was the first to estimate the country’s per capita national income during the British rule for the year 1888. He was an Indian nationalist and critic of British economic policy in India. He also put forward the drain theory in his book Poverty and UnBritish Rule in India.