New Delhi, Jan 19 || India is set to touch $4,000 per capita income in another four years in 2030 to transition to an upper middle income country and join China and Indonesia at current classification, an SBI Research report said on Monday.
India took 60 years since independence to reach $1 trillion and achieved achieved $2 trillion in another seven years in 2014.
The country achieved $3 trillion in another seven years in 2021 and $4 trillion in another four years in 2025.
“India is likely to achieve $5 trillion in another two years. India achieved $1,000 per capita income in 62 years since independence in 2009. It achieved $2,000 per capita in another 10 years in 2019 and $3,000 per capita income in another seven years in 2026,” said Dr Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India.
The growth journey in the last decade shows that India’s percentile rank in the cross-country distribution of average real GDP growth has increased from the 92nd percentile over a 25-year horizon to the 95th percentile, implying a rightward shift in its relative position that places India deeper into the upper tail of the global growth distribution.