New Delhi: In the current FY, on the average every Indian is earning Rs 5,000 monthly. In other words, average annual income of an Indian is Rs 60,000. According to statistics of the government, after December 2010 average income has gone up by 45 percent.
According to the growth rate estimation of central statistics organizations in current FY, average annual income of Indians can go to Rs 60,972 which is 14.3 percent more than the previous year.
However, growth rate will be lesser in comparison to the last year. These statistics proves that annual income growth rate grows double than the economic growth rate. This year’s sluggish GDP growth rate will have its direct impact on annual income growth rate of Indians. If the GDP growth rate would have been 9 percent, the average annual income of Indians would have been around Rs 63,000-64,000.
Average annual income of citizens is the sign of prosperity in any country. On this basis, average annual income of Indians has grown by 2.5 percent in the last decade. However, despite rising with faster pace in the recent times, India stands very low on the world chart. According to the international report released by International Monetary Fund in 2011, India held 127th position on average annual income chart.
Often Indian economy is being compared to China, but Chinese average annual income is approximately seven times that of India.