Per capita income in India to increase by at least 2000 dollars in the next 5 years – Finance Minister
New Delhi|Per capita income will increase by at least $2,000 over the next five years as the country’s economy grows rapidly. This statement was given by Finance Minister Nirmala Sitharaman.
It has taken 75 years for India to raise per capita income to $2,730, but the next leap is expected to be faster, the finance minister said. The reason for this is the increase in investment in the country and the continuation of policy reforms by the government.
Addressing the Kautilya Economic Conclave envisaged by the Finance Ministry and organized by the Institute of Economic Growth (IEG), the Finance Minister said that the country has demographic dividend and 43 per cent of the population is under 24 years, due to which consumption in India is increasing rapidly.
We are doing much better than other countries. Developed countries are also included in this. The Finance Minister further said that in today’s time it is becoming difficult for those countries to grow their economy. At the same time, the economy of our country is growing rapidly and remains the fastest growing economy in the world.
According to a NITI Aayog document, India’s economy will grow to $30 trillion by 2047 and the per capita income during this time is estimated at $18,000.
India could soon become the world’s third-largest economy and 2032 GDP is projected to reach $10 trillion. India’s economy will grow by one trillion dollars every 1.5 years in the coming years.
India’s GDP had grown at 8.2 percent in FY 2023-24. It is projected to grow at a rate of 7.2 percent in 2024-25.