Indians will see steep rise in living standards: FM

October 04, 2024 15:05

India will witness the steepest rise in living standards of the common man on the back of the government's initiatives and the efforts towards doubling per capita income in few years, Finance Minister Nirmala Sitharaman said on Friday.

Addressing the 3rd edition of the Kautilya Economic Conclave, the minister stressed that inequality in India has declined with the Gini coefficient, a statistical tool to measure inequity, showing improvement in urban as well as rural areas.

"I expect these improvements to continue as the effects of the last ten years of economic and structural reforms manifest more thoroughly in the data in the coming years as the Covid shock fades from the economy," Sitharaman said. The upcoming decades, the minister said, "will see the steepest rise in living standards for the common man, truly making it a period-defining era for an Indian to live in".

"While it took us 75 years to reach a per capita income of USD 2,730, as per IMF projections, it will take only five years to add another USD 2,000. "The upcoming decades will see the steepest rise in living standards for the common man, truly making it a period-defining era for an Indian to live in," she said.

The Indian government, she said, will try to double the per capita income in a matter of a few years for its 1.4 billion strong population (which makes up 18 per cent of the global total) notwithstanding the geopolitical challenges threatening world peace. By 2047, as India crosses the 100-year mark of independence, she said, the new Indian era will have core characteristics similar to developed countries. -- PTI

« Back to LIVE

TOP STORIES

LIVE! Shinde gets 3 Maharashtra portfolios, but not Home

Character assassination: Allu Arjun on stampede row

Hours after Reddy slammed the actor for holding a roadshow and waving to the crowds at the theatre, without referring to anyone, the 'Pushpa 2' star refuted the allegations and said it was not a procession or a roadshow.

Govt tweaks election rule; why is ECI afraid, asks Cong

Based on the recommendation of the Election Commission (EC), the Union law ministry on Friday amended Rule 93(2)(a) of the Conduct of Election Rules, 1961, to restrict the type of "papers" or documents open to public inspection.

'Pushpa 2' stampede: CM lambast 'inhuman' Allu Arjun

Telangana Chief Minister A Revanth Reddy has criticized Telugu actor Allu Arjun for attending the screening of 'Pushpa-2' despite police permission being denied. Reddy alleges that the actor continued to be present at the cinema hall...

Modi meets Mahabharata, Ramayana's Arabic translator

Prime Minister Narendra Modi met two Kuwaiti nationals who translated and published India's two iconic epics, Mahabharata and Ramayana in Arabic during his two-day visit to Kuwait. Modi, who praised their work, said it highlights the...