Per Capita Income Of Indians To Rise 70% In Next 7 Years, GDP To Up $6 Trillion: Report
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New Delhi: The country's per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from USD 460 in fiscal 2001 to USD 1,413 in fiscal 2011 and further to USD 2,150 in fiscal 2021.
The biggest growth driver will be external trade which may nearly double to $2.1 trillion by 2030 from $1.2 trillion in fiscal 2023 when the GDP printed in at $3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on. According to the report, the second-biggest growth driver will be household consumption which is seen jumping to $3.4 trillion by fiscal 2030—which as big as the current size of the GDP—from $2.1 trillion in fiscal 2023. Household consumption is as much as 5...