INDIA’S PER CAPITA INCOME

INDIA NOW ON MIDDLE INCOME PATH

Economy projected to grow by 8.6% in current fiscal; robust growth likely for farm, industry and services sectors

Asit Ranjan Mishra

Livemint, February 8, 2011

The Indian economy is projected to expand by 8.6% to a record $1.73 trillion (around `80 trillion) in the current fiscal, according to the Central Statistical Organisation (CSO), sustaining its growth trajectory.

At this level of nominal gross domestic product (GDP), India’s per capita income works out to about $1,200, effectively making it a middle-income country. While this will enhance the country’s global standing, it will be less eligible for soft loans from multilateral institutions for social sector projects and, hence, make it that much more difficult for the government to generate the desired resources.

The economy’s size was $1.4 trillion in 2009-10 and its per capita income estimated at $1,019. The country crossed the per capita threshold of $500 in 1999-2000.

During the current fiscal, the farm sector is expected to see robust growth of 5.4% as against 0.4% a year ago due to a normal monsoon and bumper harvests. Industry and the services sector are expected to hold on to their robust growth at 8.1% and 9.6%, respectively, compared with 8% and 10.05% a year ago.

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