### Summary
According to a report from SBI Research, the per capita income of Indians is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47, coinciding with India's 100 years of Independence. The report also highlights the growth in the number of taxpayers and the increase in income levels for the middle class.
### Facts
- 💰 The per capita income of Indians is projected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47.
- 📈 37% of the total formal labor force in India currently pays taxes.
- 💸 64% of income tax returns in India are below Rs 5 lakh and are exempt from paying taxes.
- 📊 The number of taxpayers in India has risen from 30 million to close to 68 million, and could reach 85-90 million with pending late returns.
- 💵 13.6% of taxpayers have moved into higher-income brackets.
- 💼 The growth in income levels represents a significant progression for India, which has become the fifth-largest economy in terms of GDP.
- 💭 The income growth should not be criticized in terms of inflation, as even after adjusting for inflation, income has more than doubled in the last 10 years.
- 📉 The Gini Coefficient Index shows that the income gap between rich and poor states in India is narrowing, indicating improved economic benefits for all states.
### Source
- [CNN News18](https://www.news18.com/news/business/income-of-indian-middle-class-expected-to-increase-to-rs-15-lakh-by-2047-sbi-research-5522439.html)
### 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.
🇮🇳💼🌍📈🌱
India aims to become a $35 trillion economy in 25 years, with a plan to add $30 trillion to its economy in the coming years, according to Union Minister Piyush Goyal.
The Wall Street Journal criticizes India's low female workforce participation and advocates for communist-inspired economic policies, despite the fact that China's similar policies have led to economic and demographic collapse.
India's low female labor-force participation rate is attributed to weak job creation and a conservative culture that confines women to the home, hindering progress despite recent small gains in the percentage of women in the workforce.
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.
India's economic growth is estimated to be closer to 7.5%, with the country's first quarter growth at 7.8%, reflecting India's increasing stature in the world.
China's economy has entered deflation territory and the debt crisis has worsened, while India's economy is thriving with GDP growth expected to exceed 7% and unemployment rates at a 12-year low; it is predicted that India will surpass China in per capita income by 2044 due to factors such as female education expansion, labor force growth, and higher total factor productivity growth.
India's goal of becoming a $5 trillion economy may be challenged as economists predict that nominal GDP growth may fall below the budgeted estimate of 10.5% for the current fiscal year, primarily due to subdued wholesale inflation.
A study reveals that the recent increase in women's participation in India's labor force is mainly due to self-employment driven by distress rather than economic growth.
Former US treasury secretary Larry Summers has stated that India needs to achieve 8% economic growth in order to bring about significant improvements in the lives of its citizens, and has called for increased capital and authority for multilateral development banks to address challenges such as climate change and pandemics.
The latest State of Working India report reveals that economic growth in India has led to a decrease in job disparities and greater upward mobility, but job creation has not kept pace with GDP growth, particularly in the manufacturing sector, and there are deep divides in pay across gender, caste, and religion. The COVID-19 pandemic further increased reliance on agriculture and self-employment, particularly among women.
India's labor force lags behind China's, with a labor force participation rate of only 51% compared to China's 76%, and India will need a participation rate of over 70% by 2030 to match China's labor force size, according to Oxford Economics; the country's low labor rate and productivity are attributed to inadequate education and health care standards.
Investing in women's economic power is crucial, as it increases financial stability, reduces poverty, and fuels economic growth, with the potential to boost the global economy by $10 trillion by 2030, according to philanthropist Melinda French Gates.
The Indian economy grew 7.8% in the first quarter, leading to improved employment numbers and a decrease in the unemployment rate in urban areas. Female labor force participation also increased, but there is still a significant gender disparity in unemployment rates.
India's economy needs to grow at a rate of 8% per year and focus on investment in traditional sectors in order to surpass China as the largest contributor to the global economy, according to Barclays.
India's demographic shift towards an aging population poses a significant economic challenge and could hinder the realization of the country's demographic dividend, highlighting the need for sustained economic growth and capital investment to support the elderly and boost productivity.
India is projected to become the world's third-largest economy by 2030, driven by strong domestic demand, increased foreign direct investment, and a growing middle class, according to a report by S&P Global Market Intelligence.
