India’s per capita income is set to soar to Rs 14.9 lakh by 2047, marking the country’s 100th Independence anniversary. Chief Economic Adviser V Anantha Nageswaran revealed this projection at a press conference following the presentation of the Economic Survey for 2023-24. Currently, the per capita income stands at Rs 2.12 lakh, or about USD 2,500.
In the last decade, India’s per capita income has more than doubled. The size of the Indian economy has risen from being the tenth largest globally to the fifth, surpassing the UK in 2022. India’s GDP is now estimated at approximately USD 3.6-3.7 trillion.
The Economic Survey highlighted that India is expected to remain the fastest-growing major economy in 2024-25, with projected growth rates between 6.5% and 7.0%. Global institutions like the IMF, OECD, World Bank, and Fitch have estimated India’s growth to be between 6.6% and 7.2%.
For the financial year 2023-24, India’s GDP grew impressively by 8.2%, following a 7.2% increase in 2022-23 and an 8.7% growth in 2021-22.
Union Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament on Monday, one day before unveiling the full Budget for 2024-25. The survey offers insights into the forthcoming Budget and sets the stage for the fiscal planning of the coming year.
