Correct Answer: Subsidies

Solution : The correct answer is d) Subsidies.

In the calculation of national income, subsidies are not considered as a component of national income. National income measures the total income generated by the production of goods and services within a country's borders over a specific period.

However, subsidies, which are financial assistance provided by the government to individuals, businesses, or sectors, are not considered as part of national income. Subsidies are transfers from the government to support specific activities or sectors and do not represent income generated through production.