India's FY17 per capita income to cross Rs.1 lakh

India's per capita income, a gauge for measuring living standard, is estimated to cross Rs.1 lakh in 2016-17, up from Rs.93,293 in the previous fiscal.

According to the Central Statistics Office (CSO), the per capita net national income during 2016-17 is “estimated to be Rs.103,007“ at current prices.This is higher by 10.4% compared to Rs.93,293 during 2015-16. The per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to be Rs.81,805 as compared to Rs.77,435 for the year 2015-16, the estimates said.

At constant prices, the growth rate in per capita income is estimated at 5.6% during 2016-17, as against 6.2% in the previous year. The CSO said India's GDP is expected to slow down to 7.1% during 2016-17 from 7.6% in the previous fiscal mainly due to slump in manufacturing, mining and construction activities. The CSO did not figure in the impact of demonetisation, effected on November 9 and the estimates are based on sectoral data available till October.

The CSO projections on national income are in line with the RBI's estimates, which too had lowered the GDP growth prospects to 7.1%.

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