Incomes Drying Up For Indians, Worsens After Pandemic

by GoNews Desk 2 years ago Views 4206

Indian PCI Going Down
The quality and happiness of life of citizens is important for the development of any country. The happiness citizens is ensured, among other things, by a steady rise in incomes and living standards, but this is not the case with India. India’s population is more than 1.3 billion and the national per capita income (PCI) is c95,000, which is lesser than the PCI of some states within the country.

The pandemic worsened the economic situation for Indians, and this situation is unlikely to improve over the long term, too. However, it would be unfair to blame the pandemic alone for the economic woes of the citizens. Data shows that the situation has been worsening since a long time, and it seems that even the government(s) has closed their eyes to this reality.

In the year 2015-16, the PCI of India was growing by 6.6%, but after a few ups and downs it settled down to 3.9%. Now, during the pandemic, a fall of -8.9% has been recorded. The figures show us that in the financial year 2018-22, the estimated PCI growth rate is the country was 2.7%.

According to the data by Statistics Times, the per capita income for Indians in 2020-21 was around ₹87,000 from ₹95,000 in 2019-20. It says that th GDP per person in India was ₹151,000 in FY 2019-20 which came down to ₹145,000 during the pandemic period.

Statistics Times says that Pure GDP Per Capita was ₹134,000 in FY 2019-20 which fell to ₹128,000 in FY 2020-21. Another data website, Statista says that there are indications that the PCI of Indians will improve in the coming future. According to Statista’s estimation, India’s Per Capita Income can rise from $2,190 in 2019 to $2,357 in 2022.

After the first wave, there was some improvement, however minor, to be seen. This time around, the data for poverty and economic fragility is astonishing.

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