India's per capita income crosses Rs 50K
Reflecting growing prosperity, India's per capita income grew by 15.6 per cent to Rs 53,331 per annum in 2010-11, crossing the half-a-lakh rupees mark for the first time, according to government data.
"The per capita income at current prices is estimated at Rs 53,331 in 2010-11, as against Rs 46,117 for the previous year, depicting a growth of 15.6 per cent," said the Quick Estimates of National Income released by the Central Statistical Office (CSO).
The growth in per capita income comes on the back of 8.4 per cent expansion of the Indian economy during the last fiscal.
Per capita income is the earnings of each Indian if the national income is evenly divided among the country's population of around 120 crore. It is an important indicator of overall prosperity in the country.
However, the increase in per capita income at constant (2004-05) prices, after discounting for inflation, was about 6.4 per cent in 2010-11. It was Rs 35,993 in 2010-11, as against Rs 33,843 in the previous year.
According to the figures, the size of the economy at current prices rose to Rs 71,57,412 crore last fiscal, up 17.5 per cent from Rs 60,91,485 crore in 2009-10.
Based on 2004-05 prices, the Indian economy expanded by 8.4 per cent during the fiscal ended March, 2011.
The GDP at constant (2004-05) prices in 2010-11 has been estimated at Rs 48,85,954 crore, as against Rs 45,07,637 crore in 2009-10, as per the Quick Estimates.
The rate of growth in the 2009-10 fiscal stood at 8.4 per cent, as per provisional estimates which were also released today.
As per the Quick Estimates, private final consumption expenditure (PFCE) in the domestic market at current prices was estimated at Rs 43,59,792 crore in 2010-11, as against Rs 37,22,036 crore in 2009-10.
At constant (2004-05) prices, the PFCE stood at Rs 30,87,047 crore in 2010-11, as against Rs 28,52,301 crore in the previous fiscal.
"In terms of GDP at market prices, the rates of PFCE at current and constant (2004-05) prices during 2010-11 are estimated at 56.8 per cent and 58.9 per cent, respectively, as against the corresponding rates of 57.6 per cent and 59.7 per cent, respectively, in 2009-10," the data said.
The per capita PFCE in the domestic market in 2010-11 stood at Rs 36,760 at current prices and Rs 26,029 at constant (2004-05) prices, as against Rs 31,812 and Rs 24,379, respectively, in 2009-10.
Gross Domestic Saving (GDS) stood at Rs 24,81,931 crore in 2010-11, as against Rs 21,82,970 crore in 2009-10, constituting 32.3 per cent of the GDP at market prices, as against 33.8 per cent in the previous year.
"The decrease in the rate of GDS has mainly been due to the decrease in the rates of financial savings of the household sector from 12.9 per cent to 10 per cent and the private corporate sector from 8.2 per cent in 2009-10 to 7.9 per cent in 2010-11," the estimates said.
Gross Domestic Capital Formation, however, increased from Rs 23,63,670 crore in 2009-10 to Rs 26,92,031 crore in 2010-11.
At constant (2004-05) prices, it increased to 19,74,172 crore last fiscal from Rs 18,38,870 in 2009-10.
"The rate of gross capital formation at current prices is 35.1 per cent in 2010-11 as against 36.6 per cent in 2009-10. The rate of gross capital formation at constant (2004-05) prices is 37.7 per cent in 2010-11 as against 38.5 per cent in 2009-10," the Quick Estimates said.
It further said that the change in stocks of inventories, measured as additions to stocks increased at current prices, stood at Rs 2,54,970 crore in 2010-11 as against Rs 1,74,310 crore in the year-ago period.
SOURCE: financialtimes.com
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