India's per capita income to cross Rs. 10 Lakh by 2039

Silicon India

Bangalore: India is expected to be even richer with a per capita income in excess of $22,000, adjusted for inflation and real exchange rate movements, says a report. It means that the annual income of an Indian citizen would be over Rs 10.56 lakh after 30 years..

This would be a phenomenal jump by any yardstick as India's per capita income in 2007 was just $940 (around Rs 45,000). "India has the potential to move from a relatively poor, developing country to an affluent economy within 30 years in a single generation," says the report by Emerging Markets Forum a Washington-based strategic advisory firm specializing in emerging market economies. India would be an average economy with global footprint.

India has the potential to overtake the U.S. within a generation, though the country is only one-fourteenth the size of the U.S economy today, says the Forum's report 'India 2039. If India becomes affluent, it would be the world�s second largest economy by 2039, second to China by surpassing the U.S.

The report also suggests that India can accelerate its real GDP growth over 30 years about 9.5 percent a year. At this rate, the U.S economy would increase by a factor of 19 to reach $20 trillion in real terms.

"Under our scenario, 2039 would have a world very different from the one we see today with per capita incomes averaging $23,400 (in 2007 dollars), nearly three times the $8,500 today," said the Forum in its report.