New Delhi: The country’s per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. 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 $2.1 trillion by 2030 from $1.2 trillion in fiscal 2023 when the GDP printed in at $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 $3.4 trillion by fiscal 2030—which as big as the current size of the GDP—from $2.1 trillion in fiscal 2023. Household consumption is as much as 57 per cent of GDP now.
Last week Prime Minister Narendra Modi said that he would ensure that the economy becomes $5 trillion during his next term in office, which will make it the third largest after the US and China. Currently, Japan is at the third slot and Germany at four.
The report sees as many as nine states growing to the upper middle income country status with $4,000 in per capita income, up from just one now, the report said sans naming the state.
Currently, Telangana leads in the per capita income league table with Rs 2,75,443 or USD 3,360 in FY23, followed by Karnataka with (Rs 2,65,623), Tamil Nadu (Rs 2,41,131), Kerala (Rs 2,30,601), and Andhra Pradesh with Rs 2,07,771.
But StanC report sees Gujarat leading on this from by fiscal 2030, followed by Maharashtra, Tamil Nadu, Karnataka, Haryana, Telangana and Andhra Pradesh. The report also did not name other three states, though.
