India's Per Capita Income Projected At Rs 14.9 Lakh By 2047

The per capita income in India is projected at Rs 14.9 lakh by 2047, when the country attains the 100th year of its Independence.

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.

The per capita income in India has more than doubled over the past decade, official data showed.

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.

Coming to the Economic Survey tabled today, it asserted that India is poised to remain the fastest-growing major economy in 2024-25

Chief Economic Adviser V Anantha Nageswaran said India is projected to grow at 6.5-7.0 per cent in 2024-25.

Global institutions, including IMF, OECD, World Bank, S&P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent.

According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively.

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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.

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