Which of the following economic estimators provided estimates of India’s national and per capita income during the colonial period?

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RRB JE CBT 2 (Mechanical Engineering) ReExam Official Paper (Held On: 04 Jun, 2025)

Answer 1

The correct answer is VKRV Rao.

Key Points

VKRV Rao, whose full name is Vijayendra Kasturi Ranga Varadaraja Rao, was a renowned Indian economist, educator, and institution builder.
During the colonial period, he was one of the first Indian economists to provide detailed estimates of India’s national income and per capita income.
His work on national income estimation was crucial in understanding the economic conditions of India under British rule.
VKRV Rao's methodical approach and use of statistical data made his estimates reliable and significant for policymaking in post-independence India.
He was also the founder of institutions like the Institute of Economic Growth (IEG) and played a key role in shaping India's economic planning process.
His contributions laid the foundation for subsequent economic research and analysis in India.
VKRV Rao’s work provided a basis for understanding the economic exploitation during colonial rule and helped formulate policies for economic recovery and growth after independence.

Additional Information

Adam Smith
- Adam Smith is often referred to as the "Father of Economics" due to his seminal work, "The Wealth of Nations", published in 1776.
- He was a Scottish economist and philosopher who introduced the concept of the invisible hand and focused on the benefits of a free-market economy.
- While his contributions were foundational to economic thought, he did not specifically provide estimates of India’s national income.
John Maynard Keynes
- John Maynard Keynes was a British economist known for his work during the Great Depression and his development of Keynesian economics.
- He advocated for government intervention in the economy to address unemployment and stimulate growth.
- Although influential globally, Keynes did not focus on India’s economic data or provide estimates of its income during the colonial period.
Karl Marx
- Karl Marx was a German philosopher, economist, and political theorist best known for his work on communism and his critique of capitalism.
- He wrote influential works such as "The Communist Manifesto" and "Das Kapital", focusing on class struggles and economic systems.
- Marx did not provide any estimates of India’s national income, as his focus was more on theoretical frameworks rather than empirical data.