India per capita income seen $1k '07/08: FM
Agencies
Posted online: Monday , November 05, 2007 at 00:00 hrs
Updated On: Monday , November 05, 2007 at 15:43 hrs
India's per capita income is expected to rise to $1,000 by the end of the 2007/08 fiscal year on the back of a 9 percent economic growth, Finance Minister Palaniappan Chidambaram said on Monday.
Per capita income stood at $797 in 2006/07, according to data from the central bank's Web site: www.rbi.org.in, nearly double from $460 in 2000/01 thanks to robust economic growth.
"Per capita income will be $1,000 at current exchange rates if we grow at 9 percent," Chidambaram told a gathering.
In the fiscal year ended March 2007, India's economy expanded 9.4 percent -- one of the fastest growth rates in the world. The growth has averaged 8.6 percent in the past four years.
"Per capital will double every nine years. By 2016/17, per capita will be $2,000 if we grow at 9 percent and in another nine years, by 2025, per capita would be $4,000 and that will make us a middle-income country," Chidambaram said.
Chidambaram said the government would devise ways to utilise its rising foreign exchange reserves to build creaky infrastructure.
India estimates it needs $475 billion between 2007 and 2012 to upgrade its roads, expand and modernise its ports, improve rail services and boost power generation.
India's foreign exchange reserves rose to $262 billion at end-October placing it among the top five in Asia.
Comments
» Inflation
Posted by Raju on 2008-08-10 16:10:20.586813+05:30
In projecting per capita income how can he forget inflation and with inflation around 12 how can be per capita of $4000 be middle income country
» INFORMATION REQUIRED
Posted by SORABH GOSWAMI on 2007-11-18 15:12:17.670194+05:30
RESPECTED SIR, I AM SORABH GOSWAMI , I AM SEARCHING THE CURRENT FIGURES OF PER CAPITAL INCOME , PER CAPITAL DEBT ( ON EACH INDIVIDUAL OF INDIA) , THE % OF TOTAL POPULATION WHO ARE LIVING BELOW POVERTY LINE. I COULD NOT GET THIS DATA ANY WHERE ON NET , SO PLEASE SEND ME ALL THESE FIGURES ( IF POSSIBLE) . I WILL BE THANKFUL TO U. THANX
» Get over your capitailst paranoia.
Posted by DILIP /France on 2007-11-06 18:28:22.378535+05:30
Abe!! how many ill informed Indians you are going to make monkey, with your communist/jihadist drivel and propaganda? Take a vow to speak the truth and notging but the truth.The bastion and citadel of evil Soviet Empire, fell under the onslought of the imperialism of the Uncle Sam.USA is still indespensible at the World.It will take many Communist?jihadist powers to stand up to USA.Get reail and breathe in the real world. Even comrsde Chinese are cosying upto USA and drinking Star buck coffee.Ranting and peddling vile doctrine does not alleviate poverty and hunger,FDI and wealth creation does.Get rid of your mumbo jumbo baggage and kiss capitalism and market economy, make big bucks, create wealth and loads of money, this is the weay to happiness and stree free life.Do not belive me ask those poor and the destitutes in KERALA and West Bengal,the snakepits of Communis.
» USA is still at the world stage.
Posted by DILIP ?france on 2007-11-06 17:41:27.579103+05:30
Days of Communism has been buried, Mao is a history and Stalin binned, the fallacy and their myth debunked.Days of Gulags and concentration campus have been concined to annls to dark communist history. Days of Jihadist are con men are numbered. Soon the twisters and fanatics will wake up to the smell of starbuck coffee.Just watch how the communist turned capitalistcomrade chinese are drinking star buck coffees.
» Pro-US and rightist,IDIOTS canot understand Reality!
Posted by veerar on 2007-11-06 17:18:20.581112+05:30
The right-wing pro-US oxymorons and idiots will find out shortly,and should post,their opinions without denying others their rights and without objecting others' views, and callingm name,etc etc. I hope the boors and idiots will understnd this and more.
» Morons should desist from spreading propaganda and indoctrination.
Posted by DILIP / France on 2007-11-06 16:10:05.850289+05:30
The moron and the brainless chicken is confused.His statements are contradictoryon one hand and baseless on the other.The joker misleads by stating that 80% of the Indians live under the poverty level,is based on Communist/jihadi sound bites.All the major econmoic indicattors show otherwise,India along with China has managed to reduce poverty,as never witnessed before the History of Mankind.Does this con star leaves in a cave? Secondly,he is against development and Investment, the two majoringredients required to allevaite poverty and enhancement of Human Capital.These socail champions are so brainless and ignorant,they rant about all and sundry, without having any intelligent grasp of the subject matter.India's par capita income based on present USD exchange rate and current economic growth rate, by the end of this yearIndia will have an income of $1,000.It must also be stressed that India's GDP is now valued as over $1.100 Billion,thus India like China are classified as Low income ountry and rapidly moving towards middle incom, assuming all things remain equal.Morons must desit from misleading others and peddling their brand of propaganda, by twisting hard facts.
» Cheat Chidambaram along with traitor,Chacha MM Singh and atrocious Ahuliwalia,both ex-IMF are betraying India by their pro-west and pro-Capitalistic Financial Policies.!!!
Posted by veerar on 2007-11-05 18:03:37.55993+05:30
Whatever jargon,Thiru P Chidambaram Saar uses,the fact remains that 80% of Indians are below the poverty line based on a daily wage ofRs20/=.as per official figures reported.POVERTY is India'smain problem and its alleviation,shouldbe given top priority.theUPA does lip-service whilefavouring MNCs to buy land and construct Cos and International Bankers to take stakes in Companies and finacialarms like NSE.BSE,private banks etc etc.This is playing into the hands of the cunning and ruthless International bankers. India should start returning loans and STOP infrastructure work,which is a cunning ploy to sink india into HUGE DEBT and thus allowing the International bankers to control our economy and then our nation..
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