As India approaches its 100th year of independence in 2047, the country’s per capita income is projected to reach Rs 14.9 lakh, according to a presentation made by Chief Economic Adviser V Anantha Nageswaran.
As per a presentation made by the Chief Economic Adviser V Anantha Nageswaran at a press conference after the tabling of the Economic Survey for 2023-24, the per capita income is currently Rs 2.12 lakh in 2023-24. In dollar terms, it is at USD 2,500.
This figure represents more than a doubling of per capita income over the past decade, highlighting the country’s rapid economic growth.
In the past decade, the size of the Indian economy has increased from being tenth to the fifth largest in the world, after the US, China, Germany, and Japan. It overtook the UK in 2022. Currently, India’s GDP is estimated to be around USD 3.6-3.7 trillion.
It projects India to remain the fastest-growing major economy in 2024-25, with an estimated growth rate between 6.5% and 7.0%. This projection aligns with forecasts from global institutions such as the IMF, OECD, World Bank, S&P, ADB, and Fitch, which predict India’s growth to range from 6.6% to 7.2%.
India’s economic trajectory has been impressive in recent years. The country’s GDP grew by 8.2% during the financial year 2023-24, following growth rates of 7.2% in 2022-23 and 8.7% in 2021-22. This consistent strong performance has propelled India to become the fifth-largest economy globally, surpassing the UK in 2022. The Indian economy is currently estimated to be worth around USD 3.6-3.7 trillion.
Union Finance Minister Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday.
(Inputs from ANI)