New Delhi, Oct 4 — Finance Minister Nirmala Sitharaman announced that India’s per capita income is expected to increase by at least $2,000 over the next five years, driven by robust economic growth. She highlighted that it took 75 years to reach a per capita income of $2,730, but the next leap is anticipated to occur swiftly due to strong investments, solid fundamentals, and ongoing policy reforms.

Speaking at the Kautilya Economic Conclave, organized by the Ministry of Finance and the Institute of Economic Growth (IEG), Sitharaman noted that India’s demographic advantage, with nearly 43 percent of the population under the age of 24, plays a significant role in driving organic consumption growth.

"We are better off than many other nations, including advanced economies, which are currently struggling to grow," said Sitharaman. "India stands out as one of the fastest-growing economies in recent years, and we expect this trend to continue."

She also pointed out that India is in a favorable position amid global geopolitical shifts, which could strengthen supply chains with strategically aligned countries.

According to a key NITI Aayog document, India is projected to become a $30 trillion economy by 2047, with a per capita income of $18,000 per year. The country is on track to become the third-largest economy soon, with the potential to add $1 trillion to its GDP every 1.5 years, driven by robust GDP growth, manufacturing, and infrastructure development.

Sitharaman emphasized the transformation of India from the "Fragile Five" during the UPA government to the "Top Five" under the current BJP-led NDA government, positioning the nation as an emerging superpower in the 21st century.

A report from Goldman Sachs indicates that India is set to remain one of the world’s fastest-growing economies until 2030. Additionally, Moody’s Analytics forecasts that the Indian economy will grow at a rate of 7.1 percent in the current fiscal year (FY25).

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