Per capita income likely to grow to Rs 33,131 cr in 2008

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New Delhi, February 7:: India’s per capita income is likely to grow by nearly 12 per cent to Rs 33,131, according to the advance estimates released by the government on Thursday.

In simpler words, if the country’s wealth is distributed equally among its people, a citizen will have Rs 33,131 (at current prices in 2007-08.

A per capital income of Rs 33,131 (at current prices) for the current financial year represents 11.8 per cent growth over Rs 29,642 in the last fiscal when it grew by 14.2 per cent.

However after taking into account the price rise, a citizen on an average is likely to have Rs 24,256 this fiscal (at 1999-2000 prices), up 7.5 per cent over Rs 22,553 in 2006-07, when it grew by 8.1 per cent.

Advance estimates further revealed that the per capita income growth rate is likely to beat the price rise figures.

However, the growth rate in both nominal as well as real terms are projected to be less than last year’s expansion.

Per capita income is derived at by dividing national income of the entire country with the size of population.

National income, or Net National Income at factor cost, is likely to stand at Rs 27,60,325 crore this fiscal, up 9.1 per cent over Rs 25,30,495 crore in 2006-07.