India’s per capita income in nominal terms has doubled to Rs 1,72,000 per annum since 2014-15 when the Narendra Modi-led NDA assumed power at the Centre. As per the National Statistical Office (NSO), the annual per capita (net national income) at current prices is estimated at Rs 1,72,000 in 2022-23 as against Rs 86,647 in 2014-15, showing an increase of about 99 per cent.
In real terms (constant prices), however, the country’s per capita income is up by about 35 per cent from Rs 72,805 in FY2014-15 to Rs 98,118 in FY2022-23
As per the NSO data, the per capita income fell during the Covid period, both in real and nominal terms. With the economy opening and activity gathering pace, the per capita income picked up in 2021-22 and 2022-23.
According to State Bank of India’s economic research report ‘Ecowrap’ released recently, India’s per capita GDP at current prices is estimated at Rs 1,96,716, compared to Rs 71,609 in FY12, showing a compounded annual growth rate (CAGR) of 10.6 percent.
