According to a latest report released by Central Statistics Office (CSO), per capita income of Indians is likely to cross one lakh in 2016-17 financial year.
As per the ‘First Advance Estimates of National Income, 2016-17’ released by the CSO, the per capita net income during 2016-17 is estimated to be Rs 103,00 at current rate. It saw an increase of almost 10.4 percent as compared to Rs 92,293, in the last year.
According to the stats, “The per capita income in real terms during 2016-17 is likely to attain a level of Rs 81,805 as compared to Rs 77,435 for the year 2015-16.At current pace, The growth rate in per capita net income is said to be at 5.6 percent this year as against 6.2 percent in the year 2015-16.
The slow growth rate in per capita income this year is mainly said to be because of slow GDP rate at 7.1 percent against 7.6 percent last year.CSO didn’t consider the impact of demonetization taken place on November 8 and the estimations are according to the sectoral data till October 2016.