'Broadly correct that per capita income doubled, but...': Chidambaram responds to Niti Aayog CEO

Former Finance Minister P Chidambaram has responded to NITI Aayog CEO BVR Subrahmanyam's remarks on India's per capita income, stating that while it is "broadly correct" that income has doubled since 2013–14, growth during the UPA years was higher.

In a post on X, Chidambaram referred to Subrahmanyam's statement that India's per capita income had doubled from USD 1,438 in 2013–14 to USD 2,880 in 2024. “Broadly correct, and we are happy,” Chidambaram wrote. However, he added that the full data tells a clearer story. Citing figures from the International Monetary Fund (IMF), Chidambaram highlighted that India's per capita income was USD 543 in 2003, USD 1,438 in 2013, USD 2,711 in 2023, and USD 2,878 in 2024. 

"Under the UPA government, the per capita income more than doubled in 10 years: actually 2.64 times,” Chidambaram noted. “Under the NDA government, the per capita income fell short of doubling in 10 years: (actually 1.89 times),” he wrote. “The per capita income doubled in 11 years. I am happy with the record of both governments but a shade happier with the UPA record.”

Chidambaram's remarks came a day after Subrahmanyam confirmed India had overtaken Japan to become the fourth-largest economy globally with a nominal GDP of USD 4.19 trillion. “It is only the US, China, and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5–3 years, we will be the third largest economy,” the NITI Aayog CEO said on Sunday.

India’s GDP growth outlook, however, has been moderated by the IMF. In its World Economic Outlook released in April, the IMF projected India’s economy to grow at 6.2% in 2025–26, slightly down from the earlier estimate of 6.5%, citing global uncertainty and trade tensions.

As per the IMF, global growth is expected to slow to 2.8% in 2025 before rebounding to 3% in 2026. For India, private consumption—especially in rural areas—remains a key driver.

In the long term, India aims to become a USD 30 trillion economy by 2047, according to NITI Aayog’s "Viksit Rajya for Viksit Bharat @2047" approach paper. The paper envisions India becoming a high-income country by then, with a per capita income crossing USD 14,005, the threshold defined by the World Bank.