Per Capita Income: The country’s economy is continuously growing but still the income of the people is not the same in every state of the country. According to a new report, Sikkim has become the richest state in the country in terms of per capita income, while Bihar is at the lowest position. The report clearly states that the income gap between states is still quite large. The per capita income of a state tells what is the average income of the people living there. From this, the economic condition of that state and the lifestyle of the people are also estimated.

What is per capita income?

The figure obtained by dividing the total income of a state by its total population is called per capita income. However, this does not mean that the income of every person is the same, but it definitely gives an idea of ​​the economic condition of the state.

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How did Sikkim become number 1?

According to the report, Sikkim has left all the states behind in terms of per capita income. Talking about the reason behind this, experts are considering it to be the small population of the state, tourism, hydropower projects and strong economic activities. Due to low population and good taxes, the per capita income here is the highest in the country.

Why is Bihar lagging behind?

The report clearly states that Bihar is again at the bottom in terms of per capita income. The reasons for this have been considered to be the increasing population of the state, low industrial development and low per capita income. Although Bihar’s economy has improved in the last few years, it is still far behind other states in terms of per capita income.

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Which states are ahead?

Sikkim is not alone in leading the way. Apart from this, the per capita income of states like Goa, Delhi, Karnataka, Haryana and Telangana is also the highest in the country. Due to strong activities like industry, IT, service sector and tourism in these states, the average income of the people is high.

Understand the picture of the state-

Increasing per capita income means that the economic activities of the state are getting stronger and the average income of the people is increasing. However, to understand the complete picture of a state, it is important to look at other aspects like employment, inflation, education, health and cost of living.

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A big and positive news has come out for India’s economy. According to an SBI report, India could become an “Upper Middle Income Country” by 2030, where per capita income is expected to reach around $4,000.
In this video, we explain in simple language what Upper Middle Income Country means, how the World Bank’s income classification works and what major changes have taken place in India’s income journey from 1962 till now. Also, the fast pace of India becoming a $1 trillion to $5 trillion economy, the possibility of becoming the world’s third largest economy by 2028 and the long-term vision of becoming a high income country i.e. “Viksit Bharat” by 2047 have also been discussed in detail.

India’s top 1% grew wealth by 62%: The gap between rich and poor is continuously deepening in India. According to a new report by the G-20, the wealth of the top 1 percent of the country’s richest people has increased by 62 percent between 2000 and 2023. This report has been prepared under the chairmanship of South Africa and it has expressed serious concern over the increasing level of inequality.

The growing gap between rich and poor

This study, prepared under the leadership of Nobel laureate Joseph Stiglitz, says that global inequality has now reached emergency level. This is a big threat not only to economic stability but also to the progress of democracy and climate change.

The report states that 41% of the new global wealth acquired between 2000 and 2024 has gone to only the top 1% of the rich, while the bottom 50% have gained only 1% of the wealth.

Comparison of India and China

While in India the wealth of the top 1% people has increased by 62%, in China this increase was 54%. According to the report, due to increase in per capita income in both the countries, the inequality between the countries has decreased slightly, but the inequality within the countries has increased to an alarming level.

The report says that economic inequality is not an inevitability, but it is the result of political and policy decisions, which can be changed with strong political will.

possible to reduce inequality

The report suggested that, just as the Intergovernmental Panel on Climate Change (IPCC) works to monitor climate change, an “International Panel on Equality (IPE)” should be created, which would collect official data on global inequality and provide recommendations to governments.

Independent experts like economists Jayati Ghosh, Winnie Byanyima and Imran Valodia were involved in preparing this report. He warned that if the gap between rich and poor continues to increase like this, it may affect the democratic structure, social unity and economic development.

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