India’s per capita income in 2007-08 has doubled within a span of seven years if it is viewed quickly, revealed Central Statistical Organisation (CSO), a Central government body responsible for coordination of statistical activities as well as evolving and maintaining statistical standards.
Calculating real term PCI through inflation adjustment, it shows a 50% growth in seven years since the beginning of this new millennium to 2007-08, added CSO in its latest release of ‘Quick Estimates of National Consumption Expenditure, Saving and Capital Formation 2007-08’ on Friday.
According to the release, in current prices the per capita income of India was Rs.16,688 in 2000-2001 that swelled to Rs.33,283 in 2007-08, approximately double. Calculating with inflation rate adjustment at constant prices, it rose to Rs.24,295 in 2007-08 from Rs.16, 173 in 2000-01, an inflammation of over 50%, it added.
Elaborating these stats, CSO said that in last five years, the PCI grew with much rapid speed as the 2007-08 figures were 76% higher than those of 2002-03 in nominal terms and 42% higher in inflation-adjusted terms.
It was due to higher growth rate of India in last five years, as India has registered over 12% Gross Domestic Product (GDP) rate in each of five years at nominal term and around 7.5% rate at inflation adjustment rate in real terms.
The growth in income was also possible due to the slower population growth rate as PCI is calculated by dividing total annual income of the country from total number of persons.
If it is assumed that India achieves its target of growing at 7% in this fiscal, as Government of India and Reserve Bank of India has projected recently, the PCI for this fiscal can be over 10% in nominal terms and over 5% in real terms.
Stating about the Gross Domestic Product, CSO said that India had registered a growth rate of 9% as against previous year’s of 9.7% due to ripple effect of global meltdown that hit the growth projection.
The higher growth rate was possible on the back of some growing sector like agriculture (by 4.9%), manufacturing (8.2%), real estate and business (11.7% each), transportation, storage and communication (by 15.5% each) which contributed primarily to GDP growth, reported CSO release.
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