More money in your hands: India's per-capita income rises by 10 percent
As per the Government's official data released on Friday, India's per-capita income is estimated to increase by 10 per cent to Rs 10,534 per month during the financial year ended March 2019.
Here is a piece of good news! The per capita income of Indians is increasing. As per the Government's official data released on Friday, India's per-capita income is estimated to increase by 10 per cent to Rs 10,534 per month during the financial year ended March 2019. The per capita income was Rs 9,580 per month in 2017-18.
The government institutions gauge the prosperity of the country with this indicator and this is a positive factor for the country. This news came at a time when the global economy is grappling with various issues like US-China trade disputes, Iran sanction, and volatile oil prices. This may give a much-needed boost to the domestic economy.
The gross national income (GNI) at current prices also witnessed a marked increase. GNI at current prices was estimated at Rs 188.17 lakh crore during 2018-19, which is 11.3 per cent rise. GNI was at Rs 169.10 lakh crore during the financial year 2017-18.
"The per-capita income at current prices during 2018-19 is estimated to have attained a level of ₹1,26,406 ( ₹10,533.83 monthly) as compared to the estimated for the year 2017-18 of Rs 1,14,958 ( ₹9,579.83 a month), showing a rise of 10%," PTI reported quoting Ministry of Statistics and Programme Implementation (MoSPI) data.
The increasing per capita income comes as good news for the new government led by Prime Minister Narendra Modi, which was sworn-in on Thursday. Modi-lead National Democratic Alliance (NDA) came to power with a brute majority.
Prime Minister has selected several new faces in his new cabinet, including Home Minister Amit Shah. Nirmala Sitharaman is the new Finance Minister while Rajnath Singh has been moved to the Defence Ministry.