by Kunal Kumar and Divyanshu Sahai
India is one of the few economic powerhouses globally that has witnessed sustained growth in the last few decades. Even though its per capita income has risen significantly from USD 575 in 1991 to USD 2,104 in 2018 (as per World Bank Databank), it is still at a low 148 out of 197 countries in constant per capita GDP terms (2010 USD). In comparison, China’s per capita income in constant terms galloped from USD 786 in 1991 to USD 7,750 in 2019, a jump of almost ten times. It is not only about China. In a similar span of 28 years, the GDP per capita of South Korea rose seven times from USD 1,800 in 1970 to USD 12,600 in 1998. Similarly, Japan had a GDP per capita close to USD 8,600 in 1960 and was successful in raising it to around USD 34,800 by 1988.
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