India’s per capita income to increase says Standard Chartered report
The Standard Chartered Bank report emphasises a potential upward revolution in India’s per capita income and GDP.
According to a Standard Chartered Bank report, India’s per capita income will probably increase 70% to $4,000 by 2030.
In recent research, Standard Chartered Bank has said that it expects India’s per capita income to experience substantial growth, skyrocketing by almost 70 per cent to reach $4,000 by fiscal 2030, up from $2,450 in fiscal 2023.
Also read: India-UK FTA agreement: Scotch brands to get cheaper
This surge will help the nation achieve a middle-income economy class, bragging a GDP of $6 trillion. Notably, over half of this GDP will be fuelled by home consumption.
The report emphasises an expected upward trajectory in India’s per capita income and GDP. From fiscal 2001 to fiscal 2021, per capita income has grown significantly, from $460 to $2,150. By fiscal 2023, it is expected to reach $2,450.
According to Standard Chartered Bank’s forecasts, the external business will be the foremost growth driver, estimated to almost double to $2.1 trillion by 2030, up from $1.2 trillion in fiscal 2023, when the GDP was at $3.5 trillion. Assuming a constant 10 per cent yearly growth in nominal GDP, the report predicts an unusual surge in external trade.
