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Economic survey: India 4th largest economy, yet low per capita income

Last updated on: March 15, 2012 14:05 IST

Economic survey: India 4th largest economy, yet low per capita income

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India has become the fourth largest economy in the world due to a strong economic growth but still has a low per capita income, the Economic Survey revealed.

"India has emerged as the fourth largest economy globally with a high growth rate and has improved its global ranking in terms of per capita income. Yet, the fact remains that its per capita income continues to be quite low," it said.

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Union Budget 2012-13: Complete coverage

Image: Children arrange themselves into a formation of the Pongal Panai, or an earthen pot, as part of the Pongal festival celebrations in Chennai.
Photographs: Babu/Reuters.
Tags: India , OIndia

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Economic survey: India 4th largest economy, yet low per capita income

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"India has moved up the ranks, but is still the poorest among the G-20," the survey added.

The per capita income of India stood at $1,527 in 2011, it said. "...this is perhaps the most visible challenge. Nevertheless, India has a diverse set of factors, domestic as well as external, that could drive growth well into the future," the survey said.

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Union Budget 2012-13: Complete coverage

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Tags: India , G-20 , OIndia

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Economic survey: India 4th largest economy, yet low per capita income

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Between 1980 and 2010, India achieved a growth of 6.2 per cent, while the world as a whole registered a growth rate of 3.3 per cent.

As a result, India's share in global GDP more than doubled from 2.5 per cent in 1980 to 5.5 per cent in 2010, it said.

Consequently, India's rank in per capita GDP showed an improvement from 117 in 1990 to 101 in 2000 and further to 94 in 2009. China, however, improved its rank from 127 to 74 during the same period.

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Union Budget 2012-13: Complete coverage

Image: A Indian tourist couple playfully tosses snow at each other during the winter season's first snowfall in Srinagar.
Photographs: Rupak De Chowdhuri/Reuters.
Tags: India , GDP , China

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Economic survey: India 4th largest economy, yet low per capita income

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The Group of 20 (G-20) nations was formed in 1999 after the East Asian crisis as a forum of finance ministers and central bank governors.

Meanwhile, the survey said any slowdown in eurozone, which accounts for 19 per cent of the global GDP, could impact the Indian economy.

The International Monetary Fund (IMF) has forecast that the eurozone is likely to go through a mild recession in 2012.

Union Budget 2012-13: Complete coverage

Image: People dressed in Santa Claus costumes dance before they cut a 101-feet (31-metres) long cake as part of Christmas celebrations.
Photographs: Ajay Verma/Reuters.

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