India's per capita income up 10 per cent at Rs33,283 in 2007-08

Per capita income in the country, increased by an average annual rate of 10 per cent since 2003-04 and stood at Rs33,283 during the financial year 2007-08.

India's the per capita income, adjusted to population growth, increased to Rs33,283 during 2007-08 from Rs29,524 in the previous fiscal, according to quick estimates of national income released by the Central Statistical Organisation (CSO).

The per capita income, increased by 12.7 per cent (at current prices) during 2007-08, while country's population inched up by 1.4 per cent to 1.38 billion by the end of the fiscal.

Backed by robust economic growth, India's per capita income rose by almost 60 per cent since 2003-04, CSO estimates show.

The double-digit growth in per capita income comes in the backdrop of the over 9.0 per cent economic growth recorded by the country during the period.

Gross domestic product (GDP) at factor cost at constant (1999-2000) prices in 2007-08 is estimated at Rs31, 29,717 crore as against Rs28, 71,118 crore in 2006-07 registering a growth of 9.0 per cent during the year as against the growth rate of 9.7 per cent during the previous year.

At current prices, GDP in 2007-08 is estimated at Rs43, 20,892 crore as against Rs37, 79,385 crore in 2006-07, showing an increase of 14.3 per cent during the year.

At constant (1999-00) prices the national income (i.e. net national product at factor cost) in 2007-08 is estimated at Rs27,64,795 crore as against Rs25,33,450 crore in 2006-07, showing a rise of 9.1 per cent during the year.

At current prices, the national income in 2007-08 is estimated at Rs37,87,596 crore as compared to Rs33,12,569 crore in 2006-07, showing a rise of 14.3 per cent during the year.

The growth rate of 9.0 per cent in the GDP during 2007-08 has been achieved due to high growth in agriculture, forestry and fishing (4.9 per cent), manufacturing (8.2 per cent), electricity, gas and water supply (5.3 per cent), construction (10.1 per cent), trade, hotels and restaurants (10.1 per cent), transport, storage and communication (15.5 per cent), financing, insurance, real estate and business services (11.7 per cent), and
community, social and personal services (6.8 per cent).

The per capita income (per capita net national product at factor cost) in real terms, i.e. At 1999-00 prices, is estimated at Rs24,295 for 2007-08 as against Rs22,580 in 2006-07, registering an increase of 7.6 per cent during the year. The per capita income at current prices is estimated at Rs33,283 in 2007-08 as against Rs29,524 for the previous year depicting a growth of 12.7 per cent.

Gross domestic saving (GDS) at current prices in 2007-08 is estimated at Rs17,79,614 crore as against Rs14,75,108 crore in 2006-07, constituting 37.7 per cent of GDP at market prices as against 35.7 per cent in the previous year. The rise in GDS has been contributed by all sectors.

In respect of the household sector, the saving in the form of financial and physical assets has gone up from Rs4,82,822 crore and Rs5,12,076 crore in 2006-07 to Rs5,53,289 crore and Rs5,96,846 crore in 2007-08, respectively.

Saving of private corporate sector has gone up from Rs3,42,284 crore in 2006-07 to Rs4,16,936 crore in 2007-08.

The saving of the public sector showed a increase from Rs1,37,926 crore in 2006-07 to Rs2,12,543 crore in 2007-08. The net domestic saving has correspondingly gone up from Rs10,38,071 crore in 2006-07 to Rs12,70,165 crore in 2007-08 and constitutes 28.1 per cent of net domestic product at market prices in 2006-07 and 30.1 per cent in 2007-08.

As in the case of gross saving, the net saving of the household sector has also gone up from Rs8,24,493 crore in 2006-07 to Rs9,53,212 crore in 2007-08, the net saving of the private corporate sector has increased from Rs2,06,655 crore in 2006-07 to Rs2,50,426 crore in 2007-08 and the net saving of the public sector has increased from Rs6,923 crore in 2006-07 to Rs66,527 crore in 2007-08.

Gross domestic capital formation at current prices has increased from Rs15,21,805 crore in 2006-07 to Rs18,45,513 crore in 2007-08 and at constant (1999-2000) prices, it increased from Rs10,73,783 crore in 2006-07 to Rs12,31,244 crore in 2007-08.

The rate of gross capital formation at current prices is 39.1 per cent in 2007-08 as against 36.9 per cent in 2006-07. The rate of capital formation in 2007-08 was higher than the rate of saving because of net capital inflow from abroad of Rs65,899 crore in 2007-08. The rate of gross capital formation at constant (1999-2000) prices increased from 34.4 per cent in 2006-07 to 36.2 per cent in 2007-08. The rate of net capital formation at constant prices in 2007-08 was 28.9 per cent as against 27.0 per cent in 2006-07.

Within the gross capital formation at current prices, the gross fixed capital formation amounted to Rs16,05,440 crore in 2007-08 as against Rs13,43,843 crore in 2006-07. At current prices, the gross fixed capital formation of the public sector has increased from Rs3,13,859 crore in 2006-07 to Rs3,93,336 crore in 2007-08, that of private corporate sector from Rs5,29,948 crore in 2006-07 to Rs6,33,328 crore in 2007-08, and the household sector from Rs5,00,036 crore in 2006-07 to Rs5,78,775 crore in 2007-08.