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'India's per capita income may touch $10,000 by 2039'

Last updated on: June 28, 2011 16:16 IST

'India's per capita income may touch $10,000 by 2039'

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Lalit K Jha in Washington

India's per capita income could touch $10,000 by 2039, up from $1,000 at present, if sustained economic growth of over 8 per cent is maintained for the next 25 years, the country's Chief Economic Advisor Kaushik Basu said.

Addressing economists, investors and academicians in Washington, Basu said the fundamentals of the Indian economy are strong enough in the medium and long term to sustain a healthy growth rate of over 8 per cent.

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"The per capita income of India will reach $10,000 by 2039. . . if India maintains its gross domestic product growth at 8 to 8.5 per cent for the next 25 years," Basu said at the US-India Economic and Financial Partnership on Monday.

The Indian economy, which expanded by 8.5 per cent in 2010-11, is likely to expand at the same rate in the current fiscal as well.

Indian Finance Minister Pranab Mukherjee is leading a high-level delegation here to promote India as an attractive investment destination.

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Image: A dancer in a traditional Indian dress poses in front of an elephant.
Photographs: Hannibal Hanschke/Reuters
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Basu further said a 1 per cent increase in the country's GDP would create an additional one million jobs and India was committed to maintaining the growth momentum.

While India's economic fundamentals are strong, continuous high inflation is seen as a big constraint to its growth.

At the conference, Reserve Bank of India Deputy Governor Subir Gokarn said that supply side pressures on inflation may moderate the growth momentum in the short run.

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Image: Reserve Bank of India.
Photographs: Reuters
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"Inflation is a significant near-term macro challenge and growth would be impacted in the short-term in managing inflation and inflationary expectations," he said.

Besides supply side constraints, high global commodity prices, including food and fuel, are adding up to the inflationary pressures.

Last week, the Indian government raised retail prices of politically sensitive diesel, LPG and kerosene, in the wake of high crude oil prices in global markets.


Image: The Taj Mahal.
Photographs: Reuters
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