India's Per capita income seen growing nearly 70%

The country’s per capita income is likely to grow by close to 70 per cent 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 GDP, more than half of which will be coming in from household consumption, says a research report.

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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 USD 2.1 trillion by 2030 from USD 1.2 trillion in fiscal 2023 when the GDP printed in at USD 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 USD 3.4 trillion by fiscal 2030—which as big as the current size of the GDP—from USD 2.1 trillion in fiscal 2023. Household consumption is as much as 57 per cent of GDP now.