New Delhi: India’s per capita income has modestly doubled to Rs 1,72,000 since the Narendra Modi-led NDA came to power in 2014-15, but unequal income distribution remains a challenge.
According to the National Statistical Office (NSO), the annual per capita (net national income) at current prices is estimated to be Rs 1,72,000 in 2022-23, from Rs 86,647 in 2014-15, suggesting a growth of nearly 99 per cent. gives. ,
In real (constant prices), per capita income is projected to increase by about 35 per cent from Rs 72,805 in 2014-15 to Rs 98,118 in 2022-23. ,ALSO READ: Government not in ‘crazy rush’ to sell everything: Finance Minister Nirmala Sitharaman,
On doubling per capita income in nominal terms, noted development economist Jayati Ghosh said, “You are looking at GDP at current prices, but if you take inflation into account, the growth is much smaller.” He further said that distribution is important. ,Also read: This YouTuber broke Lamborghini worth more than 3 crores …: Watch viral video,
“Most of this increase has been earned for the top 10 percent of the population. In contrast, average wages are falling, and possibly even less in real terms,” said the former JNU professor. According to NSO data, per capita income has declined both in real and nominal terms during Covid. However, it has picked up pace in 2021-22 and 2022-23.
Pinaki Chakraborty, former director of the premier economic research institute NIPFP, said that according to the World Development Indicators database, the average growth of India’s per capita income in real terms for the period 2014 to 2019 was 5.6 per cent per annum.
“This growth is significant. We have seen improvements in outcomes related to health, education, and economic and social mobility. Covid has hit us hard. However, we have seen significant economic recovery post-Covid.
“Sustaining 5 to 6 per cent per annum growth in per capita income with appropriate redistributive policies will help sustain this momentum. We also need to take into account the disparity in development within the country. Balanced regional growth High growth will act as a catalyst for They said.