India's Economic Leap: Doubling Per Capita Income

Finance Minister Nirmala Sitharaman announced that India anticipates nearly doubling its per capita income within five years, driven by structural reforms. This growth aligns with India's rise as the fifth largest global economy, with continued economic improvements expected as reforms take effect.

India is on track to nearly double its per capita income within the next five years, according to Finance Minister Nirmala Sitharaman. Speaking at the Kautiliya Economic Conclave, she highlighted the economic transformations driven by government reforms over the past decade.

Sitharaman emphasized India's swift ascent from the world's 10th to the fifth largest economy. Projections indicate that an Indian era defined by prosperity and higher living standards is on the horizon, setting the stage for significant socio-economic progress.

The minister pointed out notable trends in income equality and the soundness of India's banking sector, attributing this to improved asset quality, low non-performing asset ratios, and efficient debt recovery. These factors mark a robust and resilient financial landscape as India approaches its centennial of independence in 2047.

(With inputs from agencies.)