India’s per capita income grows faster at 2.7% to Rs39,904 in FY’14

The sluggish growth of the Indian economy has had a lesser impact on its per capita income, which grew at a faster rate of 2.7 per cent to reach Rs39,904 ($674) during the financial year 2013-14, against the 2.1 per cent increase to Rs38,856 during the 2012-13 fiscal, provisional estimates released on Friday showed.

This compares with the economy's annual growth rates of 4.7 per cent and 4.6 per cent, respectively, for the two financial years.

Per capita net national income in real terms (at 2004-05 prices) during 2013-14 is estimated to have reached Rs39,904, a growth of 2.7 per cent compared to the first revised estimates for the year 2012-13 of Rs38,856, as per provisional estimates.

The earlier estimate, released on 7 February 2014, had first projected a 2.8 per cent growth in per capita income at Rs39,961 for the year 2013-14.

At current prices, India's per capita income is estimated to have grown at an annual pace of 9.6 per cent to reach Rs74,380 (around $1,256) during 2013-14, compared with the revised figures for the year 2012-13 of Rs67,839.

This is more or less the same as the 9.7 per cent recorded in 2012-13.

However, growth of per capita income was faster at 14.5 per cent at Rs61,855 in 2011-12, 16.8 per cent in the previous year and 13.4 per cent in 2009-10.

Against this, per capita income in neighbouring Pakistan rose to around $1,370 in fiscal 2013-14, up four per cent over the revised figures for the previous fiscal.

Sri Lanka's per capita income has reached $2,920 in 2013-14 while Bangladesh's per capita income stood at around $1,190.

China had per capita income of around $5,720 during the 2013-14 fiscal

Last year, Singapore reported per capita income of $29,500, while the US had per capita income of $17,460, Hong Kong ($16,340) and Japan ($15,450). Europe's largest and second largest economies Germany and France had per capita incomes of $12,730 and $12,720, respectively.