Congress leader and former Union Minister P. Chidambaram took to social media platform X to highlight the 2.64 times growth in India’s per capita income in 10 years (2004–2014) under the UPA government, compared to 1.89 times growth under the NDA government in 11 years (2014–2024).
He wrote, “I am happy with the record of both governments but a shade happier with the UPA record.”
comparative analysis of India’s per capita income growth
His comparison on X came after NITI Aayog CEO B.V.R. Subrahmanyam made a remark to the media in New Delhi on May 24. Chidambaram said that while the statement about income doubling was broadly correct, it lacked full context.
He presented a comparative analysis of India’s per capita income growth under both governments, referring to data from the International Monetary Fund (IMF) to offer a broader view of the growth trajectory.
According to the IMF:
- In 2003, per capita income stood at $543
- In 2013, it had risen to $1,438
- In 2023, it reached $2,711
- In 2024, it further increased to $2,878
Chidambaram stressed that the PM Modi-led BJP and NDA government fell short in achieving doubling growth in 10 years. “Under the NDA government, the per capita income fell short of doubling in 10 years: (actually 1.89 times). The per capita income doubled in 11 years,” he wrote.
India surpasses Japan to become world’s fourth-largest economy
Addressing the media after the 10th NITI Aayog Governing Council Meeting, NITI Aayog CEO B.V.R. Subrahmanyam also said India has overtaken Japan to become the world’s fourth-largest economy and is on track to surpass Germany within the next 2.5 to 3 years.
“We are the fourth-largest economy as I speak. We are a USD 4 trillion economy, and this is not my data—it’s IMF data. India today is larger than Japan,” said Subrahmanyam.
According to the IMF’s latest World Economic Outlook, India’s nominal GDP is projected to reach $4.19 trillion in 2025, narrowly surpassing Japan. With consistent growth above 6%, India’s GDP is expected to rise to $5.58 trillion by 2028.
“Only the United States, China, and Germany are currently ahead of us. If we stick to what is being planned and thought through, it’s just a matter of another 2 to 3 years before we become the third-largest economy,” he added.