NEW DELHI: Senior Congress leader P Chidambaram on Monday said that while the rise in India’s per capita income under the BJP-led NDA government is “broadly correct,” the rate of growth was higher during the tenure of the Congress-led UPA government.
Responding to recent remarks by the CEO of NITI Aayog, BVR Subrahmanyam, who stated that India’s per capita income had nearly doubled from USD 1,438 in 2013-14 to USD 2,880 in 2024, Chidambaram said he welcomed the progress but added that the complete picture tells a different story when the performance of the two successive governments is compared.
Quoting data from the International Monetary Fund (IMF), Chidambaram noted that India’s per capita income stood at USD 543 in 2003, when the UPA took office, and rose to USD 1,438 by 2013 — a 2.64 times increase in 10 years. Under the NDA government, however, the increase from USD 1,438 in 2014 to USD 2,878 in 2024 amounts to just 1.89 times, falling short of a doubling in the same time frame.
“Under the UPA government, the per capita income more than doubled in 10 years. Under the NDA government, it fell short of doubling. 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,” said the former Finance Minister.
In a post on X, P Chidambaram said, “The CEO of NITI Aayog told the media that India’s per capita income had doubled from USD 1438 in 2013-14 to USD 2880 (in 2024 in 11 years). Broadly correct, and we are happy.”
“However, he should have given the full picture, according to the IMF, which is, 2003—USD 543, 2013—USD 1438, 2023—USD 2711, 2024—USD 2878. Under the UPA government, the per capita income more than doubled in 10 years—actually 2.64 times. Under the NDA government, the per capita income fell short of doubling in 10 years—actually 1.89 times. 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.”
India has taken another stride, pipping Japan to become the fourth-largest economic powerhouse. In September 2022, India had surpassed the UK to become the fifth-largest economy.
On Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on ‘Viksit Rajya for Viksit Bharat 2047’, NITI Aayog CEO, Subrahmanyam said that India has overtaken Japan to become the world’s fourth-largest economy.
Citing data from the International Monetary Fund, the CEO of India’s apex think tank stated that India’s economy has reached the USD 4 trillion mark.
“We are the fourth-largest economy as I speak. We are a USD 4 trillion economy. This is not my data; this is the data from the IMF. India today is larger than Japan. It’s only the United States, China, and Germany which are larger, and if we stick to what is being planned, what is being thought through, it’s a matter of another two to three years; we would become the third largest economy,” said BVR Subrahmanyam.
According to the IMF’s April edition of the World Economic Outlook report, India’s nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan’s likely GDP, which is estimated at USD 4.186 billion.
India’s economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers, the April 2025 edition of the IMF’s World Economic Outlook added.
In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting India’s exceptional outperformance. (ANI)
Also Read:Â If unemployment rises and incomes decline, youth may explode in anger: Chidambaram
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