'Per capita income of India to go up 4-fold by 2020'

Goldman Sachs, a global investment and banking firm, today said the per capita income of India is expected to increase four-fold by 2020.

The consumption of cars is expected to go up five times, crude oil by three times and the housing, real estate and urban infrastructure expected to multiply manifold.

Tushar Poddar, economist, Goldman Sachs said: "The combined demand of Brazil, Russia, India and China (BRIC) will increase four-fold by 2010. The annual increase in gross domestic product (GDP) of BRIC countries will reach $ 521 billion by 2010 as compared with the G-6 countries annual increase of $ 471 billion."

Speaking at the launch of Associated Chamber of Commerce and Industry (Assocham)- sponsored BRIC Business Alliance, Poddar added that a large pool of new people with annual incomes above $15,000 will emerge in BRIC countries by 2025.

India and China will become the dominant global suppliers of manufactured goods and services and Brazil and Russia will be the dominant suppliers of minerals and raw materials. Brazil and Russia would form logical commodity suppliers to China and India, and co-operation among the four countries would thus create a powerful economic bloc.