India’s per capita income doubled after 2014-15

The country’s per capita income at current prices has doubled to Rs 1,72,000 since the Prime Minister Narendra Modi-led government came to power in 2014-15. However, unequal distribution of income remains a major challenge. According to the National Statistical Office (NSO), per capita annual income (net national income) at current prices is estimated to be Rs 1,72,000 in the financial year 2022-23, which is about 99 percent higher than Rs 86,647 in the year 2014-15. At the same time, the country’s per capita income at real prices (constant prices) has increased by about 35 percent during this period.

It was Rs 72,805 in the year 2014-15, which is expected to increase to Rs 98,118 in the year 2022-23. Eminent economist Jayati Ghosh said about the doubling of per capita income at current prices, “The country’s GDP is being seen at current prices, but if we look at the inflation during this period, then it will be found that this increase is very high.” Along with this, he said that the distribution of income is important and said, “Most of the growth has gone to the account of the top 10 percent of the population.” On the contrary, the average wage is declining and in real terms it is probably even lower.

According to the NSO, per capita income fell in terms of both real and current prices during the Covid period. However, during the year 2021-22 and 2022-23 it saw an increase. Citing world development indicators, Pinaki Chakraborty, former director of economic research institute NIPFP, said India’s per capita income at real prices grew by 5.6 per cent per annum during 2014 to 2019.

This growth is remarkable, he said. We have seen improvements in outcomes related to health, education, economic and social mobility. If we can maintain an annual rate of five to six per cent growth in per capita income with appropriate redistributive policies, this momentum will be sustained. We also have to pay attention to the inequality in this growth in the country. Balanced regional development can be a catalyst for higher growth.”

Nagesh Kumar, director at the Institute for Studies in Industrial Development, said the country’s per capita income at real prices has increased and this is also reflected in rising prosperity. Along with this, he said, “It is also important to note that per capita income is the average income of Indians.” Average income often hides growing inequalities. The concentration of income at the top means that there hasn’t been much change for those at the bottom of the income ladder.

Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.

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