Per Capita Income Doubled Since 2014 15 Shows National Statistical Office Data

India’s Per Capita Income has increased rapidly during the last few years. According to the latest figures, the country’s per capita income on a nominal basis is estimated to reach Rs 1.72 lakh, which was just over Rs 88 thousand in the year 2014-15 (FY15). This means that India’s per capita income has almost doubled during these years.

increase at current prices

The latest estimate of the National Statistics Office (NSO) suggests that in 2022-23 the country’s per capita income can reach Rs 1,72,000 on a nominal basis i.e. according to current prices. This figure is about 99 per cent higher than Rs 86,647 in 2014-15. The government was formed for the first time in the year 2014 under the leadership of Prime Minister Narendra Modi. This means that the country’s per capita income has doubled during the tenure of the Modi government.

Earnings grew less at constant prices

However, challenges still remain on some fronts. Especially the difference in the earning of the people i.e. the gap between the earning of upper class and lower class is a matter of concern. On the other hand, on the basis of current prices i.e. in real terms, there has not been much increase in per capita income since 2014-15. According to this, the per capita income of the country was Rs 72,805 in 2014-15, which can reach Rs 98,118 in 2022-23. This means that during these years an increase of 35 per cent in per capita income is possible.

Kovid made a negative impact

According to NSO data, there was a negative impact on per capita income at both current prices and constant prices during the period affected by the Covid-19 pandemic. However, during the subsequent years i.e. 2021-22 and 2022-23, it again saw a good growth.

Such is the reaction of economists

Economists have mixed reactions to the latest per capita income figures. In a PTI news, economist Jayanti Ghosh expresses concern over the inequality of income distribution. Ghosh says that the main reason for the increase in per capita income is the increase in the income of the top 10 percent of the population. On the other hand, Pinaki Chakraborty of NIPFP describes this increase as very important. ISID director Nagesh Kumar says that this figure of increase in per capita income shows a glimpse of increased prosperity in the country.