<\/p>\n
Source<\/span><\/b>: The post is based on the article <\/span>\u201cDeveloped by 2047? Yes: If India\u2019s per capita income in constant PPP dollars grows 4.1% annually, a very realistic prospect, it will be in the advanced economies club in a quarter of a century\u201d <\/span><\/b>published in <\/span>The Times of India <\/span><\/b>on <\/span>20<\/span><\/b>th<\/span><\/b>February 2023<\/span><\/b>.<\/span>\u00a0<\/span><\/p>\n Syllabus: <\/span><\/b>GS3- India economy and growth<\/span>\u00a0<\/span><\/p>\n Relevance<\/span><\/b>: Future prospects of Indian economy<\/span>\u00a0<\/span><\/p>\n News<\/span><\/b>: PM Modi, <\/span>in his 2022 Independence Day speech, announced the goal for India in 2047. It will get the status of a developed country. <\/span>\u00a0<\/span><\/p>\n It\u202fmeasures the <\/span>average income earned per person<\/span><\/b> in a given area in a specified year. It is calculated by dividing the area’s total income by its total population.<\/span>\u00a0<\/span><\/p>\n It is<\/span> useful in evaluating people’s affordability and purchasing power<\/span><\/b>. Per capita income indicates whether certain commodities and facilities are out of reach by average people in terms of financial aspects.<\/span>\u00a0<\/span><\/p>\n India\u2019s per capita income India’s per capita net national income or NNI was around\u202f<\/span>150 thousand rupees<\/span><\/b>\u202fin the financial year 2022. In contrast, the gross national income at constant prices stood at over 146 trillion rupees.<\/span>\u00a0<\/span><\/p>\n -Increasing<\/span> income for farmers.<\/span><\/b>\u00a0<\/span><\/p>\n -Through <\/span>government expenditure and investment<\/span><\/b> in infrastructure.\u202f<\/span>\u00a0<\/span><\/p>\n -Urbanizing<\/span><\/b> India\u2019s rural populations.<\/span>\u00a0<\/span><\/p>\n -Becoming <\/span>competitive in high-potential sectors.<\/span><\/b>\u00a0<\/span><\/p>\n India\u2019s <\/span>start-up ecosystem is the third largest<\/span><\/b> in the world after the US and China. Several prominent start-ups such as Ola, BYJU\u2019S, Zerodha, Cred, Razorpay, and more have their head offices in the city which is often called the \u2018Silicon Valley of India.\u2019\u202f<\/span>\u00a0<\/span><\/p>\n Innovation will be key in transforming India\u2019s economy. Its progress in the\u202f<\/span>Global Innovation Index 2022\u202ffrom the 81<\/span><\/b>st<\/span><\/b>\u202fspot in 2015 to the 40th<\/span><\/b> now is a good indicator of the road ahead.<\/span>\u00a0<\/span><\/p>\n As per <\/span>\u2018UN State of World Population Report 2022<\/span><\/b>\u2019 in 2023\u202f<\/span>India will dethrone China, as the world\u2019s most populous country<\/span>.<\/span>\u00a0<\/span><\/p>\n A <\/span>hungry nation<\/span><\/b> cannot be a developed country. As per the latest <\/span>Global Hunger Index (2022)<\/span><\/b> is ranked <\/span>107th among 121 countries<\/span><\/b>.\u202f<\/span>\u00a0<\/span><\/p>\n As per\u202f<\/span>the <\/span>World Inequality Report 2022<\/span><\/b>, India is among the most-inequitable countries globally. It has the bottom half of the population earning Rs 53,610, but the top 10 percent earning 20 times at Rs 11,66,520.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Source: The post is based on the article \u201cDeveloped by 2047? Yes: If India\u2019s per capita income in constant PPP dollars grows 4.1% annually, a very realistic prospect, it will be in the advanced economies club in a quarter of a century\u201d published in The Times of India on 20thFebruary 2023.\u00a0 Syllabus: GS3- India economy… Continue reading India as a developed country: Developed by 2047? Yes<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10496],"class_list":["post-227674","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-times-of-india","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/227674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=227674"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/227674\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=227674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=227674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=227674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is the per capita income level in India?<\/span><\/b>\u00a0<\/span><\/h2>\n
What are ways that can help India to improve its per capita income?<\/span><\/b>\u00a0<\/span><\/h2>\n
Can India get the status of a Developed nation by 2047?<\/span><\/b>\u00a0<\/span><\/h2>\n
What should be India’s focus areas going forward?<\/span><\/b>\u00a0<\/span><\/h2>\n