Per Capita Income Will Rise By $2k In 5 Yrs: FM

Upward Trajectory

♦ India projected to be a $30-trn economy by 2047

♦ Per capita income of $18,000 by then

♦ India on track to be 3rd largest economy

♦ Country has potential to add $1 trn to its GDP every 1.5 years

It took 75 years to reach a per capita income of $2,730, but the next jump is expected to happen very rapidly as it’ll take only 5 years to add another $2,000 amid robust investments, strong fundamentals and continuity in policy reforms - Nirmala Sitharaman, FM

New Delhi: Fuelled by overall economic growth, per capita income in the country is likely to increase by at least $2,000 over the next five years, according to Finance Minister Nirmala Sitharaman on Friday. The Finance Minister said that it took 75 years to reach a per capita income of $2,730, but the next jump is expected to happen very rapidly amid robust investments, strong fundamentals and continuity in policy reforms.

Addressing the Kautilya Economic Conclave, conceived by the Ministry of Finance and organised by the Institute of Economic Growth (IEG), in the national capital, FM Sitharaman said another advantage that the country has is its demographic dividend as nearly 43 per cent of the population is under 24 years old, which is a key driver for organic consumption growth.

She said that we are much better off than many other countries, even if they are advanced economies.