India’s per capita income to rise 70% to USD 4,000 by FY30: Report
According to the report, India’s per capita income is anticipated to increase by approximately 70 percent to USD 4,000 by FY30. According to the findings of the study, the second most important factor in economic expansion will be household consumption, which is projected to increase to 3.4 trillion US dollars by fiscal 2030, up from 2.1 trillion US dollars in fiscal 2023.
MUMBAI: According to a research report, the nation’s per capita income is predicted to increase by nearly 70% to USD 4,000 by fiscal 2030 from USD 2,450 in fiscal 2023, helping it become a middle-income economy with USD 6 trillion in GDP, of which more than half will come from household consumption.
GDP/income per capita increased from USD 460 in the fiscal year 2001 to USD 1,413 in the following year and then to USD 2,150 in the following year.
According to Standard Chartered Bank in a weekend research that forecasts nominal GDP growth of 10% yearly moving forward, external trade, which may nearly quadruple to USD 2.1 trillion by 2030 from USD 1.2 trillion in fiscal 2023 when the GDP printed in at USD 3.5 trillion, will be the main growth engine.
The report states that household consumption, which is expected to increase from USD 2.1 trillion in fiscal 2023 to USD 3.4 trillion in fiscal 2030—an amount equal to the current size of the GDP—will be the second biggest growth engine.
Currently, household spending accounts for up to 57% of GDP. After the US and China, the Indian economy will rank third with a GDP of USD 5 trillion, according to Prime Minister Narendra Modi’s declaration from last week.
Germany is now in position four, and Japan is in position three. The analysis predicted that nine states, rather than just one, will eventually reach the upper middle-income category with per capita incomes of USD 4,000.
Telangana currently holds the top spot in the league table for per capita income, with Rs 2,75,443 or USD 3,360 in FY23. Karnataka is next with Rs 2,65,623, Tamil Nadu with Rs 2,41,131, Kerala with Rs 2,30,601, and Andhra Pradesh with Rs 2,07,771.
By fiscal 2030, however, the StanC research places Gujarat in the forefront, followed by Maharashtra, Tamil Nadu, Karnataka, Haryana, Telangana, and Andhra Pradesh. The other three states were not mentioned in the study either.
Telangana, Delhi, Karnataka, Haryana, Gujarat, and Andhra collectively contribute for 20% of the country’s GDP now; by fiscal 2030, they will each have a per capita GDP of USD 6,000.
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