By the fiscal year 2030, per-capita income in India is expected to increase by 70%

India’s per capita income is projected to increase by 70% during the next seven years, from its current level of $2,450, to $4000. According to a Standard Chartered Bank research, this would assist India in reaching a $6 trillion GDP by 2030. According to the research, the majority of this increase will come from home spending and international commerce. The rise of India’s economy will be significantly fueled by international commerce. By 2023, it is anticipated to double in size to $2.1 trillion, from its present levels.

The per capita income in 2011 was $1,413 and it was $2,150 in 2021. The second determinant for India’s economic development, according to research by Standard Chartered Bank, is household spending. Delhi, Haryana, Telangana, Gujarat, Andhra Pradesh, and Karnataka together account for 20% of the country’s GDP. These states should reach a per capita GDP of $6,000 (Rs 493794) by 2030.

When compared to other states, Telangana now leads the list for greatest per capita income. With an average income of Rs. 2,75,443 in fiscal year 2023, this state is followed by Karnataka, which earned Rs. 2,65,623, Tamil Nadu, which earned Rs. 2,41,131, Kerala, which earned Rs. 2,30,601, and Andhra Pradesh, which earned Rs. 2,07,771. According to the research, these rankings might change.

According to predictions, Gujarat would top the list for per capita income by 2030, followed by Maharashtra, Tamil Nadu, Karnataka, Haryana, Telangana, and Andhra Pradesh. By fiscal 2030, it is anticipated that the bigger states, such Uttar Pradesh and Bihar, where the majority of Indians live, would continue to earn less than the country’s average yearly income of $2,000 (Rs. 164598). Despite this, these states’ projected per capita income in fiscal 2020 is double what it is now.

Based on buying power parity, India now behind 127 other nations in terms of per capita income. India’s economy is now the fifth biggest in the world. If he is re-elected in 2024, Prime Minister Narendra Modi has already said on several occasions that India would overtake the United States as the third-largest economy by the conclusion of his next term.