India’s per capita income increased 9.7 percent in 2014 from the previous year, and the country’s GDP also crossed the $2-trillion mark, according to a report by World Bank. The report also reveals that in terms of purchasing power parity (PPP), the country’s per capita income grew 7.65 percent, and in the same terms, India’s GDP stood at $6.78 trillion in 2014, maintaining its third slot in the world, after China and the US.
It took 60 years (1947-2006) for India to reach the $1-trillion mark, but the country added the next trillion in just seven years (2007-14), observes the World Bank report. Other important highlights of the report include:
- India rerecorded 7.4 percent growth rate in 2014.
- Indian economy, at $2.06 trillion, has almost doubled in size since the financial crisis hit the country in 2008, and has more than quadrupled from the start of this millennium.
- India ranks ninth in the GDP on an exchange rate basis.
- Despite the increase in per capita gross national income (GNI), India has remained in the ‘lower middle income’ category ($1,046-$4,125).
The latest data, released by the World Bank, reveals that India has become the fastest growing major economy along with China’s, which is a whopping $10.4 trillion economy. Top ten economies, according to the latest data include:
| Rank Economy | Millions of Dollars |
| 1. USA | 17,419,000 |
| 2. China | 10,360,105 |
| 3. Japan | 4,601,461 |
| 4. Germany | 3,852,556 |
| 5. UK | 2,941,886 |
| 6. France | 2,829,192 |
| 7. Brazil | 2,346,118 |
| 8. Italy | 2,144,338 |
| 9. India | 2,066,902 |
| 10. Russian Federation | 1,860,598 |
It is pertinent to mention here that lately released, GoI’s Socio Economic and Caste Census (SECC) tells a completely different story. The census data reveals that 75 percent of all rural households in the country earn less than Rs 5,000 per month. For more information visit:
’75 % of Indian rural households earned less than Rs 5000 a month’
And
Nearly 50 % Indian households are deprived, 30 % landless: Govt census