Finance minister Nirmala Sitharaman has said that it took 75 years after independence for india to achieve 2730 dollars per capita income. But according to the international Monetary Fund, there will be an increase of 2000 dollars in per capita income in the next 5 years. She said, in the coming decades, there will be a big change in the lifestyle of the common man, which will redefine the lives of Indians. The Finance minister said, this achievement is being achieved with a decrease in inequality.

Strong jump in per capita income possible

Addressing the Kautilya Economic Conclave, Finance minister Sitharaman said, India's excellent performance on the economic front in the last decade, the jump from the 10th to the 5th largest economy in the world in 5 years, the consistently achieved high growth rate and keeping inflation low have been possible. The Finance minister said that it took 75 years for india to reach a per capita income of $2730 but in the next 5 years, another $2000 can be added to it. The Finance minister said that when the whole world is divided and there is constant conflict which is a big threat to global peace, despite this, india wants to double the per capita income of its 140 crore population which is 18% of the world's total population in the next few years.

Many challenges before India

The Finance minister said that in the 2000s, emerging markets like china were able to develop rapidly due to the global trade and investment climate being in their favour. But while this is a big challenge for india, it has also brought an opportunity. She said that despite the global conditions not being the same as before, india will continue to develop rapidly in the next decade.

Consumption will increase

Nirmala Sitharaman said that in the coming decade, there will be a strong increase in consumption in India. Currently, 43% of indians are below the age of 24 and are yet to explore their consumption patterns.