FY24 per capita income growth may be lowest in 21 years barring FY20, FY21

Growth rate in per capita income is projected to fall to the lowest in 21 years this financial year — except for the financial years 2019-20 (FY20) and 2020-21 (FY21) —  according to the first advance estimates.

During the last 21 years, the two periods — FY20 and FY21 — saw growth rates in per capita income lower than 7.9 per cent, seen during FY24. 

This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates. This is much higher than the initial projections