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Define normal resident....

Define normal resident.

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Normal resident refers to an individual or an institution whi ordinarily resides in the country for a period of more than one year and whose centre of economic interest also lies in that country.
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Normal Residents

Briefly discuss the concept of normal residents.

Consider the following statements relating to estimation of National Income: 1. Foreigners working in Indian Embassies are normal residents of India. 2. Foreigners working in the office of WHO, World Bank, UNO etc. located in India are not normal residents of India. 3. Indians working in foreign embassies in India are not normal residents of India. Which of the statements given above is/are correct?

The value of all final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year is termed as