Bandhan Bank s Managing Director, Chandra Shekhar Ghosh, emphasized the need to increase India s per capita income to achieve its goal of becoming the world s third-largest economy. Currently, India ranks 130th globally in the Human Development Index. Ghosh highlighted the importance of financial inclusion and access to institutional credit in raising per capita income.
For a country that never dreamt of truly becoming a developed nation, it is understandable why some fail to grasp the scale of transformation happening in India, today. Statistics show the fortunes of Indians are changing for the better and changing fast
India can afford more freebies than the others without creating a crisis. Yet, it is sobering that India s people remain poorer than others in South Asia, even as the country claims to be a rising superpower.
While GDP serves as a widely utilized metric for measuring global economic growth, India holds the 5th position globally in terms of GDP size, surpassing several developed countries. However, in terms of per capita income, India lags behind 127 other countries significantly.
A recent research report stated that India’s per capita income, which currently stands at $2,450 is likely to grow by close to 70 per cent to $40,000 by fiscal 2030.