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Thursday, May 23, 2024

India’s per capita income to rise sevenfold by 2047

Indian per capita income is projected to rise sevenfold, from Rs 200,000 ($2,500) in FY23 to Rs 1.49 million ($12,400) in FY47, coinciding with the nation’s 100 years of independence. India, currently the world’s fifth-largest economy, is anticipated to become the third-largest global economic power by 2030, surpassing Germany and Japan.

The nation’s population of 1.42 billion is expected to grow at a yearly rate of 6.7% from FY24 to FY31, pushing its GDP from $3.7 trillion in 2023 to $6.7 trillion in FY31. S&P predicts per capita GDP to reach around $4,500 by FY31, up from the current $2,450.

Although India is the fastest-growing major economy and most populous nation, it ranks 139th in nominal per capita GDP according to the International Monetary Fund.

Prime Minister Narendra Modi highlighted India’s progress in achieving collective prosperity, with income tax data showing significant growth in mean income over the last nine years.

The rise of the middle class, particularly in forward-looking states like Manipur, Mizoram, and Nagaland, is contributing to this growth.

The formalization of around 70 million MSMEs aims to broaden economic participation. The population is expected to reach 1.6 billion by FY47, with the workforce growing from 530 million to 725 million in the same period.

Modi emphasized the trust people have in the government, as shown by increased compliance in income tax filings.

The prime minister concluded by urging the nation to maintain its economic momentum for the benefit of all 1.4 billion Indians.

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