### Summary
India's economy is growing rapidly and is projected to become the third largest economy by 2031. However, there is a significant disparity in per capita income among states, with some states significantly behind the national average.
### Facts
- India is the fastest-growing large economy globally and is driving cost competitiveness.
- India's middle class is estimated to reach 61% of the population with an average income of Rs 20 lakh.
- By 2031, India's GDP is expected to cross the $10 trillion mark.
- Per capita income in India has increased from Rs 90,688 in 2013 to Rs 196,983 in April 2023.
- Telangana, Karnataka, and Haryana have the highest per capita income, while Bihar, Uttar Pradesh, and Jharkhand have the lowest.
- The per capita income of Bihar is 17% of Telangana and one-fourth of the national average.
- There is a correlation between political stability and economic performance.
- India's per capita income ranks 141st out of 191 countries.
- India needs to shift its population from low-productivity sectors like agriculture to high-income domains and increase female workforce participation.
- The necessary interventions include investment in human infrastructure, agricultural advancements, climate resilience, land and labor reforms, planned urbanization, and more.
### Summary
Commerce and Industry Minister Piyush Goyal believes that India will become the engine of global growth, with its economy projected to reach $35 trillion by 2047. India's young population and vibrant democracy are key factors contributing to its sustainable and inclusive growth.
### Facts
- India is expected to become the growth engine of the world, according to Commerce and Industry Minister Piyush Goyal.
- The country's GDP is projected to reach $35 trillion by 2047, offering significant business opportunities.
- With a population of 1.4 billion people, India recently surpassed China as the world's most populous country.
- India's young population, with over 600 million people aged between 18 and 35, is expected to continue for at least the next few decades.
- India is estimated to provide 24.3% of the incremental global workforce over the next decade.
- The country's digital economy has grown rapidly, with initiatives like the Aadhaar program and the Skill India program promoting digital literacy and skills development.
- India aims to create sustainable and inclusive growth, focusing on value creation and becoming a matter of pride and envy.
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India's recent achievements and economic growth have positioned it as a rising global power, but the country must address its challenges in poverty, job creation, education, and inequality in order to fully realize its potential.
Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.
India's economic rise is seen as inevitable due to factors such as a consumer boom, context-appropriate innovation, a green transition, a demographic dividend, access to finance, major infrastructure upgrades, policy reforms, geopolitical positioning, and a diaspora dividend, although challenges such as unbalanced growth, unrealized demographic potential, and unrealized ease-of-business and innovation potential still need to be addressed.
The number of ultra wealthy individuals worldwide decreased by 5.4 percent last year, and their combined net worth fell by 5.5 percent to $45.4 trillion, with Asia experiencing the largest decline due to China's Covid policies and the war in Ukraine.
Asia is expected to continue to have more ultra wealthy people than Europe, with analysts predicting that Asia's global share of ultra high net worth individuals could hit 29 percent by 2027.
The wealthiest people in the U.S. have seen a significant increase in their wealth, with the richest Americans now holding a total of $4.5 trillion, tied with the record set in 2021, due to rebounding stock markets and the flourishing AI-driven tech industry.
The net worth required to become the richest person in America has significantly increased over the past four decades, with Elon Musk currently holding the title with a net worth of $251 billion, making him 125 times richer than the first richest person in 1982.
