India GDP per Capita: Overview and Outlook
Current GDP per Capita
India's GDP per capita is currently around USD 2,700. While a low figure in absolute terms and far below the global average, by dint of India's huge population, the country still boasts one of the world's largest economies.
Historical Changes in India's GDP per Capita
India's economy has been on a transformative journey since 2000. Building on the liberalizing reforms of the 1990s, the 2000s saw a significant acceleration in growth, often referred to as the "dream run" from 2003-2008, where the economy grew at over 8% annually. This boom was driven by a flourishing services sector, particularly in IT and business process outsourcing, as well as strong domestic consumption.
While growth was slowed by the Global Financial Crisis, India recovered quickly and has remained one of the world's fastest-growing major economies for most of the period since. The post-pandemic recovery has been particularly strong, cementing India's position as a key engine of global growth. As a result, GDP per capita is around six times higher now than at the turn of the century.
GDP per Capita Predictions for the Coming Years
Our panelists predict a future of rapid GDP per capita growth, positioning India to be a primary engine of global growth and pointing toward a significant improvement in living standards for its vast population.
Want to get concrete forecasts for India's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 16 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
The most significant factor underpinning India's bright long-term forecast is its "demographic dividend." With a large, young, and growing workforce, India has a unique opportunity to boost growth, in stark contrast to the aging populations of China and many Western nations. However, the ability to maximise this opportunity depends on the country's ability to provide education, skills, and sufficient jobs for the millions of young people entering the workforce each year.
A second crucial factor is the "China plus one" global manufacturing strategy, which presents a historic chance for India to attract foreign investment and become a global manufacturing hub. The government's "Make in India" and Production-Linked Incentive (PLI) schemes are designed to capitalize on this trend.
India GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for India from 2020 to 2023.
Source: Macrobond.
India GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 1,915 | 2,250 | 2,362 | 2,547 | 2,713 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian GDP Per Capita projections for the next ten years from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP Per Capita forecast available for Indian GDP Per Capita.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian GDP Per Capita projections.
Want to get access to the full dataset of Indian GDP Per Capita forecasts? Send an email to info@focus-economics.com.