Per capita income will cross Rs I lakhs for the first time in India
Posted on: 24/Mar/2016 11:10:33 AM
According to the World Bank, Rs 1 lakh - that benchmark will be achieved in the next financial year when per-capita income crosses the six-figure mark for the first time in India.
World Bank has mentioned, In the next financial year, an individual income of a person will cross Rs 1 Lakhs. This is a big amount for a country like India where the population is more than 120 Crores. For the first time a six figure mark is to be achieved.
Per capita income at current prices was Rs 93,231 in FY16, up 7.3 percent from Rs 86,879 in the year before. It stood at Rs 71,050 and 79,412 in FY13 and FY14.
The Budget for next year, announced by finance minister Arun Jaitley on February 29, assumed a nominal GDP growth of 11 percent. That would mean a similar rise in net national income and, adjusted for an increase of 1.2 percentages in population, should yield an expansion of more than 8 percentages in per capita income. At that rate of acceleration, per-capita income will exceed Rs 1 lakh in FY17.
