The National Statistical Office (NSO) of India recently released data that showed India’s per capita income has doubled since 2014-15. The data, which was released as part of the NSO’s annual report on national accounts, showed that India’s per capita income in real terms had increased from Rs 80,870 in 2014-15 to Rs 1,72,339 in 2019-20.
The report also noted that India’s gross domestic product (GDP) had grown by an average of 7.5% per annum in real terms between 2014-15 and 2019-20. The growth rate had slowed down to 4.2% in 2019-20 due to the economic impact of the COVID-19 pandemic.
The increase in per capita income was largely driven by an increase in the income from the agricultural sector. The report showed that the real agricultural gross value added (GVA) had grown at an average rate of 3.3% per annum between 2014-15 and 2019-20, which was higher than the overall GVA growth rate of 3%.
The report also highlighted the impact of the COVID-19 pandemic on the Indian economy. It noted that the pandemic had led to a contraction of 7.7% in real GDP in 2020-21. However, the report also noted that the economy had shown signs of recovery in the second half of 2020-21 and was expected to grow by 11% in real terms in 2021-22.
The report’s findings were welcomed by the Indian government, which has been facing criticism over its handling of the economy. The government has been criticized for its failure to create enough jobs and to address the issue of income inequality in the country.
The government has defended its record by pointing to the increase in per capita income and the growth in the agricultural sector. It has also highlighted its various initiatives to support the economy, such as the Make in India program and the Digital India campaign.
However, critics argue that the government needs to do more to address the issue of income inequality and to create more jobs. They argue that the increase in per capita income has not translated into a significant improvement in the standard of living of the average Indian.
The NSO report’s findings also raise questions about the future direction of the Indian economy. While the increase in per capita income is a positive development, it remains to be seen whether this growth can be sustained in the long term.