India's per capita Gross Domestic Product (GDP) at constant prices is projected to decline 8.7 per cent to below Rs 1 lakh for the first time in the last three fiscals, the first advance estimate of national income by Nation Statistical Office (NSO) suggests. Before this, India's per capita GDP income was below Rs 1 lakh at Rs 94,751 crore in FY 2016-17.
While India's per capita GDP is estimated to fall 10.5 per cent to $1,877, lowest in five years, Bangladesh will see it going up 4 per cent to $1,888 in 2020. Our neighbouring nation Pakistan's per capita GDP in dollar terms will fall from $1,625 to $1,349 in 2020.
However, India will surpass Bangladesh in 2021 again by clocking 8.2 per cent rise in per capita GDP at $2,030. Bangladesh may, however, see 5.4 per cent growth.
Per capita GDP is a measure of a country's economic output per person, that divides its GDP by total population.
The fall in the per capita GDP income comes despite an estimated 1.04 per cent (over 1 crore) rise in the country's population in the current fiscal year due to the projected 7.7 pc shrinking of the economy in FY21.
The per capita GDP in FY 2019-20 stood at Rs 1.08 lakh for a population of 134.1 crore. In FY19, it stood at Rs 1.05 lakh for a population of 132.7 crore, while the per capita GDP was little over Rs 1 lakh in FY 2017-18 when India's population was 131.4 crore.
World Economic Outlook data released by the International Monetary Fund (IMF) in October also projected Bangladesh to surpass India in terms of per capita GDP (at current prices) in dollar terms in 2020.
Meanwhile, the NSO has also projected that India's economy will shrink 7.7 percent in FY21 compared to 4.2 percent growth in the previous fiscal year. Almost all sectors, barring agriculture, may see contraction in FY21. The Reserve Bank in its recent estimate had also projected the GDP to contract 7.5 per cent in the fiscal year.
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