Dikhyaa Mohanty 
According to a study estimate, the nation’s per capita income is predicted to increase by about 70% to USD 4,000 by fiscal 2030 from USD 2,450 in fiscal 2023, helping it become a middle-income economy with USD 6 trillion in GDP, of which more than half would come from family spending. GDP/income per capita increased from USD 460 in the fiscal year 2001 to USD 1,413 in the following year and then to USD 2,150 in the following year.
According to Standard Chartered Bank, the largest growth engine would be international commerce, which may almost quadruple to USD 2.1 trillion by 2030 from USD 1.2 trillion in fiscal 2023 when the GDP printed in at USD 3.5 trillion.
The research states that household consumption, which is expected to increase from USD 2.1 trillion in fiscal 2023 to USD 3.4 trillion in fiscal 2030—an amount equal to the present size of the GDP—will be the second greatest growth engine. Currently, household spending accounts for up to 57% of GDP. After the US and China, the Indian economy would rank third with a GDP of USD 5 trillion, according to Prime Minister Narendra Modi’s declaration from last week.
Germany is now in position four, and Japan is in position three. The analysis predicted that nine states, rather than just one, will eventually reach the upper middle-income category with per capita incomes of USD 4,000. In terms of per capita income, Telangana is in first place with Rs 2,75,443 or USD 3,360 in FY23. Karnataka is second with Rs 2,65,623, followed by Tamil Nadu with Rs 2,41,131, Kerala with Rs 2,30,601, and Andhra Pradesh with Rs 2,07,771.
