Economic Survey Projects India’s Per Capita Income to Reach Rs 14.9 Lakh by 2047

The per capita income in India is expected to reach Rs 14.9 lakh by 2047, marking the 100th year of the country’s independence, according to the latest Economic Survey presented in Parliament. Chief Economic Adviser V. Anantha Nageswaran revealed during a press conference that the current per capita income is Rs 2.12 lakh for 2023-24, equivalent to USD 2,500.

The Economic Survey highlights that India’s per capita income has more than doubled over the past decade. The Indian economy has also experienced a significant rise in global standing, moving from the tenth to the fifth largest in the world, surpassing the UK in 2022. Presently, India’s GDP is estimated to be between USD 3.6 and 3.7 trillion.

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The Survey projects India to remain the fastest-growing major economy in 2024-25, with a growth rate expected to be between 6.5 and 7.0 per cent. This forecast aligns with predictions from global institutions such as the IMF, OECD, World Bank, S&P, ADB, and Fitch, which estimate India’s growth to range from 6.6 to 7.2 per cent. For the financial year 2023-24, India’s GDP grew by an impressive 8.2 per cent, following growth rates of 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.

Union Finance Minister Nirmala Sitharaman tabled the Economic Survey on Monday, one day ahead of the full Budget presentation for 2024-25. The Survey offers insights into the anticipated Budget, set to be unveiled on Tuesday, and sets the stage for understanding the government’s economic priorities and projections.

(With ANI Inputs)