Winning Bizness Desk
Mumbai. India is the fifth largest economy in the world and further dreams of becoming the third largest economy in the world in the next few years. However, at the same time, statistics have come out that bring to mind the seriousness of the situation in the country. In terms of Per Capita Income, it has come to light that India is coming to the list of poor countries in Africa. Even countries like Angola in Africa have a per capita income higher than India. India ranks 142nd in the list of per capita income among 197 countries of the world. This information has been revealed in the data released by the International Monetary Fund. India's per capita income is very low among countries considered to be the largest economy in the world. Compared to the US, the per capita income of an Indian is 31 times less than that of an American citizen.
Where other countries stand
The annual per capita income in the US is $80,035, while an Indian's is 2601 dollars. America's per capita income is 31 times higher. The per capita income of Germany and Canada is 20 times higher than that of India. Britain has 18 times more. The per capita income of a French citizen is 17 times higher. Japan and Italy have an average per capita income of 14 times higher. So, India's per capita income is 5 times higher than that of China. Statistics show that the per capita income of economically very strong and prosperous countries is higher than that of India. However, the shocking fact is that India's per capita income is low even compared to the poor countries of the world and Africa. Small countries like Angola, Vanuatu and Sao Tome Principe also have higher per capita income than India. Angola's per capita income is $3205, Vanuatu's $3188 and Ivory Coast's $2646.
India's per capita income Rs 1,72,000
According to the National Survey Organization (NSO) data, India's per capita income has stood at Rs 1,72,000. The per capita income has doubled during the tenure of the Modi government as compared to 2014-15. The per capita income in 2014-55 was Rs 86,647 which means that the personal income has increased by almost 100 percent during this period. The average income of every Indian is called per capita income. But India's per capita income also reflects the growing inequality in the country. According to a report by Oxfam International, 10 percent of the country's population owns 77 percent of the country's wealth. From these statistics, it can be estimated how big the gap of economic disparity has become in the country. Over the past few years, the issue of wealth concentration and economic disparity has been constantly discussed.