AMN / WEB DESK
A research report by Standard Chartered Bank has projected that India’s per capita income is likely to grow around 70% by 2030 and is expected to reach $4,000 from current levels of $2,450 .
The boost in income will help the country to become a middle-income economy with a GDP of $6 trillion and half of it will be coming from household consumption, the research added.
Since 2001, the per capita GDP grew from $460 to $1,413 in 2011 to $2,150 in 2021.
The primary factor propelling significant economic growth will be external trade, which is anticipated to nearly double to $2.1 trillion by 2030. This substantial increase would be a remarkable jump from the $1.2 trillion recorded in fiscal 2023 when the GDP stood at $3.5 trillion. The report assumes an annual nominal GDP growth of 10% going forward.
Furthermore, the report indicates that the second major contributor to this growth will be household consumption, projected to reach $3.4 trillion by fiscal 2030. This figure would be equivalent to the current size of the GDP. In contrast, in fiscal 2023, household consumption was at $2.1 trillion, representing approximately 57% of the GDP at that time.