India’s Future: Higher Incomes and Fast Growth by 2047, Says Chief Economic Adviser V Anantha Nageswaran
India’s per capita income is projected to reach Rs 14.9 lakh by 2047, coinciding with the country’s 100th year of independence. Currently, the per capita income is Rs 2.12 lakh in 2023-24, which is about USD 2,500.
Over the past decade, India’s per capita income has more than doubled. The Indian economy has grown from the tenth to the fifth largest in the world, surpassing the UK in 2022. India’s GDP is now estimated to be around USD 3.6-3.7 trillion.
The Economic Survey for 2023-24, presented by Chief Economic Adviser V Anantha Nageswaran, indicates that India is set to remain the fastest-growing major economy in 2024-25, with a projected growth rate of 6.5-7.0%. Global institutions like the IMF, OECD, World Bank, S&P, ADB, and Fitch predict India’s growth to be between 6.6-7.2%.
According to official data, India’s GDP grew by 8.2% in the financial year 2023-24, 7.2% in 2022-23, and 8.7% in 2021-22. Union Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament, a day before the full Budget presentation for 2024-25.
Doubts Revealed
per capita income -: Per capita income means the average amount of money earned by each person in a country in a year. It helps us understand how rich or poor a country is.
Rs 14.9 lakh -: Rs 14.9 lakh means 1,490,000 rupees. In India, ‘lakh’ is a term used to represent 100,000.
Rs 2.12 lakh -: Rs 2.12 lakh means 212,000 rupees. This is the current average income per person in India.
Chief Economic Adviser -: The Chief Economic Adviser is a top government official who gives advice on economic policies and helps plan the country’s financial future.
V Anantha Nageswaran -: V Anantha Nageswaran is the person who is currently the Chief Economic Adviser of India. He helps the government make important economic decisions.
Economic Survey -: The Economic Survey is a report that reviews the country’s economy over the past year and gives predictions for the future. It is presented before the Budget.
Union Finance Minister -: The Union Finance Minister is the government official responsible for managing the country’s finances, including the Budget. Nirmala Sitharaman is the current Finance Minister of India.
Budget presentation -: The Budget presentation is when the government announces its plan for spending and earning money for the next year. It includes details on taxes, expenses, and financial goals.