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What is per capita income of india 2022?- formula, Meaning, definition

What is per capita income of India 2022?

What is per capita income is Per capita Income or PCI is the average income earned by every individual in a certain time period of a given area (say, a country, state, city, or others).It can be calculated by dividing the total income of a specific area by the total population of that area.
In order to assess a population’s standard of living, per capita income, is used to calculate the average per-person income.The limits of per capita income as a measure include its inability to take inflation, income, inequality, poverty, wealth, or savings into account.In this article we are going to learn about what is per capita income, the per capita income formula, its limitations, and so on. Let’s Start Checking What is per capita income of India 2022.

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What is per capita income?- Meaning & definition

Determination of per capita income is crucial for any nation’s Economy. The average per-person income for a region can be calculated using per capita income, which can also be used to assess the population’s standard of living and quality of life. By dividing a nation’s national income by its population, one can calculate the per capita income of that nation.
The Latin word, “Per Capita” stands for  “by head.” Per Capita income determines the typical annual income per person in a specific area (city, region, country, etc.).The amount is determined by dividing the overall income of a given geographical area by its population.

What is Per Capita Income Formula

Per Capita Income formula: Any country’s per capita income is determined by dividing its national income by its population. In a nation, a state, or a particular area, PCI or per capita Income defines the average income of an individual person in a specific time period in a specific geographical area such as , a state, a country, etc) This enables us to assess the living conditions and overall standard of living of a specific geographical area.
The Per Capita Income  formula is
Per capita income or PCI = Total income earned by Population / Population of a specific area

Per Capita Income is Used for

Every person is considered for determining a nation’s Per Capita Income. While calculating the per capita income of a country, the males, women, kids, and infants take into account the population of the entire nation or a particular geographic area. Per capita income can be used to determine the average per-person income for a region and to evaluate the level of living and quality of life of the populace. Numerous areas of statistics and economics use Per Capita Income calculations.

Gross Domestic Product Per Capita

The monetary value of a nation’s goods and services during a specific time period, often one year, is used to determine a country’s GDP or gross domestic product.GDP serves as an economic activity indicator.

The GDP per capita of a nation is calculated by dividing a nation’s economic production by its population, You must divide the population of a country by its entire domestic economic production. GDP per capita is calculated using the following formula:

GDP Per Capita = Gross Domestic Product/ Population

Read: Gross domestic product (GDP) of India 2022

Gross National Income Per Capita

Before learning about GNI per capita, it’s essential to understand what gross national income is. The definition of gross national income (GNI) is gross domestic product + net foreign receipts from employee remuneration, property income, and net taxes fewer production subsidies.

The Gross Domestic Product per Capita and the value produced by citizens of a country who reside abroad must be considered in order to calculate the Gross National Income per Capita. GNI per capita is calculated by dividing a country’s GNI by its overall population.

Per Capita Income use in Business

When deciding whether to open a store in a town or area, businesses might also take the per capita income into account. The affordability of a place can also be determined by looking at per capita income. In comparison to a town with a low per capita income, a company may have a better chance of making money from the sale of its goods in a town where the population has a higher per capita income.

Limitations of per capita income

Along with the various uses of Per capita income, there are some limitations of Per capita income. Those are –

Inflation

While determining the per capita income we do not calculate the inflation rate (the rate of price rise) into the account. Consumers’ purchasing power is reduced by inflation, which also restricts income growth. Because of this, per capita income can exceed a population’s income.

Children

The calculations of per capita Income include those non-earning Individuals such as children and even newborns. The newborns or children are counted although they do not generate any revenue, As result, they don’t increase the average income of the nation. Therefore, while calculating the Average income of a country’s economy having a large child population in the per capita income or PCI parameter, the outcome is biased and inadequate.

Economic Welfare

A country’s standard of living can be determined using the per capita income. But factors like the standard of the workplace, the standard of working conditions, the number of hours worked literacy rates, and overall health benefits are not always considered in the calculation of Per capita income. If the rate of population increase outpaces the rate of national income growth, economic welfare, and the availability of goods and services then the per capita income will decline.

Poverty

As per capita income is determined by dividing total income by the population of that area. So it is the Overall idea of a specific geographical area, not actual numbers. Despite the increase in national revenue, its distribution makes the wealthiest further richer and the poor even poorer.

Savings and Wealth

A person’s savings or wealth are not included in the per capita income calculation. If a wealthy individual may not work and have a minimal annual income, they still use their money to maintain a satisfactory level of living. The wealthy person would appear to be a low earner using the per capita income statistic.

Livings Standards

The per capita income doesn’t accurately reflect the standard of living for individuals residing in the specific area. We can’t say  Per capita income is a reliable indicator to signify of the standard of living as Per Capita Income is obtained by dividing the Total Income of the population by its population. As result, economic inequality may not be taken into account by per capita income.

There are benefits and drawbacks to per capita income. Gross Domestic Product and Gross National Income Per Capita are computed. But it is unable to take into account things like inflation, poverty, savings, and economic welfare.

What is Per Capita Income of India

With a gross domestic product (GDP) of over $3.17 trillion, India is the sixth largest country in the world, according to the World Bank. The per capita income of India(PCI) has increased more than 500 times since 1950. Its price was Rs. 265 in 1950. In 2020–21, it rose to Rs 1,28,829. The Economic Survey 2020-21 revealed that the PCI has increased seven times since the turn of the millennium, in 2000-01, when it was Rs 18,667.

What is per capita income of india 2022?- Formula, Meaning_40.1
per capita Income India

What is Per Capita Income of India- Statewise

What is per capita income of india 2022?- Formula, Meaning_50.1
per capita Income

What is Per Capita Income by country?

Ranking Country GDP per Capita 2022 Population
1 Luxembourg $118,001 647,599
2 Singapore $97,057 5,975,689
3 Ireland $94,392 5,023,109
4 Qatar $93,508 2,695,122
5 Switzerland $72,874 8,740,472
6 Norway $65,800 5,434,319
7 United States $63,416 338,289,857
8 Brunei $62,371 449,002
9 Hong Kong $59,520 7,488,865
10 Denmark $58,932 5,882,261
11 United Arab Emirates $58,753 9,441,129
12 San Marino $58,427 33,660
13 Netherlands $57,534 17,564,014
14 Macau $56,078 695,168
16 Taiwan $55,724 23,893,394
15 Iceland $55,596 372,899
17 Austria $55,218 8,939,617
18 Sweden $54,146 10,549,347
19 Germany $54,076 83,369,843
20 Australia $51,680 26,177,413
21 Belgium $51,096 11,655,930
22 Finland $49,853 5,540,745
23 Bahrain $48,766 1,472,233
24 Canada $48,720 38,454,327
25 Saudi Arabia $46,811 36,408,820
26 France $46,062 64,626,628
27 South Korea $44,621 51,815,810
28 United Kingdom $44,117 67,508,936
29 Malta $42,856 533,286
30 Japan $42,248 123,951,692
31 New Zealand $42,018 5,185,288
32 Kuwait $41,627 4,268,873
33 Italy $40,861 59,037,474
34 Czech Republic $40,618 10,493,986
35 Israel $40,547 9,038,309
36 Cyprus $40,107 1,251,488
38 Slovenia $40,067 2,119,844
39 Spain $39,121 47,558,630
40 Estonia $38,834 1,326,062
37 Lithuania $38,824 2,750,055
41 Poland $34,103 39,857,145
42 Portugal $34,043 10,270,865
43 Puerto Rico $34,025 3,252,407
45 Hungary $33,030 9,967,308
46 Slovakia $32,709 5,643,453
47 Latvia $31,509 1,850,651
48 Romania $30,526 19,659,267
49 Turkey $30,253 85,341,241
50 Oman $30,178 4,576,298
51 Aruba $29,090 106,445
52 Greece $28,748 10,384,971
53 Russia $27,903 144,713,314
54 Croatia $27,717 4,030,358
55 Malaysia $27,402 33,938,221
56 Panama $27,003 4,408,581
57 Kazakhstan $26,565 19,397,998
58 Seychelles $25,414 107,118
59 Trinidad and Tobago $25,031 1,531,044
60 Bulgaria $23,817 6,781,953
61 Chile $23,366 19,603,733
62 Uruguay $22,459 3,422,794
64 Argentina $20,751 45,510,318
65 Mauritius $20,292 1,299,469
66 Belarus $20,187 9,534,954
67 Costa Rica $19,990 5,180,829
68 Guyana $19,684 808,726
69 Maldives $19,609 523,787
71 Serbia $19,146 7,221,365
72 Mexico $19,130 127,504,125
73 Antigua and Barbuda $18,618 93,763
74 Dominican Republic $18,608 11,228,821
75 Thailand $18,236 71,697,030
76 Equatorial Guinea $17,788 1,674,908
77 China $17,192 1,425,887,337
78 Botswana $16,893 2,630,296
79 North Macedonia $16,712 2,093,599
80 Turkmenistan $16,520 6,430,770
81 Gabon $15,970 2,388,992
82 Grenada $15,431 125,438
83 Bosnia and Herzegovina $15,047 3,233,526
84 Georgia $14,918 3,744,385
85 Brazil $14,916 215,313,498
86 Suriname $14,513 618,040
87 Azerbaijan $14,431 10,358,074
88 Colombia $14,324 51,874,024
89 Palau $14,309 18,055
90 Albania $14,218 2,842,321
91 Barbados $13,553 281,635
93 Armenia $13,261 2,780,469
94 Sri Lanka $13,214 21,832,143
95 Ukraine $13,110 39,701,739
96 Iran $13,073 88,550,570
97 Paraguay $12,881 6,780,744
98 Moldova $12,811 3,272,996
99 Egypt $12,790 110,990,103
101 Indonesia $12,222 275,501,339
102 Bhutan $12,060 782,455
103 South Africa $12,032 59,893,885
104 Peru $11,871 34,049,588
105 Mongolia $11,825 3,398,366
106 Fiji $11,567 929,766
107 Lebanon $11,564 5,489,739
109 Algeria $11,112 44,903,225
110 Dominica $11,072 72,737
111 Ecuador $11,009 18,001,000
112 Vietnam $10,869 98,186,856
113 Jordan $10,306 11,285,869
114 Tunisia $10,120 12,356,117
115 Iraq $10,003 44,496,122
116 Jamaica $9,975 2,827,377
117 Nauru $9,856 12,668
118 Namibia $9,396 2,567,012
119 Eswatini $8,957 1,201,670
120 Philippines $8,452 115,559,009
121 El Salvador $8,422 6,336,392
122 Bolivia $8,344 12,224,110
123 Guatemala $8,293 17,843,908
124 Laos $8,111 7,529,475
125 Morocco $7,620 37,457,971
126 Uzbekistan $7,449 34,627,652
127 Angola $6,932 35,588,987
128 India $6,461 1,417,173,173
130 Tonga $6,191 106,858
131 Belize $6,046 405,272
132 Libya $5,893 6,812,341
133 Mauritania $5,834 4,736,139
134 Ghana $5,693 33,475,870
135 Samoa $5,653 222,382
136 Nicaragua $5,575 6,948,392
137 Honduras $5,450 10,432,860
139 Ivory Coast $5,365 28,160,542
140 Bangladesh $5,307 171,186,372
141 Myanmar $5,242 54,179,306
142 Nigeria $5,187 218,541,212
143 Venezuela $5,178 28,301,696
144 Pakistan $5,150 235,824,862
145 Djibouti $5,096 1,120,849
146 Kyrgyzstan $5,036 6,630,623
147 Kenya $4,926 54,027,487
148 Cambodia $4,695 16,767,842
149 Tuvalu $4,497 11,312
150 Republic of the Congo $4,188 5,970,424
151 Sudan $4,098 46,874,204
152 Nepal $4,061 30,547,580
153 Papua New Guinea $3,833 10,142,619
155 Marshall Islands $3,786 41,569
156 Tajikistan $3,676 9,952,787
157 Cameroon $3,646 27,914,536
158 Senegal $3,478 17,316,449
159 Micronesia $3,446 114,164
160 Benin $3,437 13,352,864
161 Timor Leste $3,382 1,341,296
162 Zambia $3,342 20,017,675
163 Comoros $3,048 836,774
164 Haiti $2,916 11,584,996
165 Ethiopia $2,908 123,379,924
166 Tanzania $2,821 65,497,748
167 Lesotho $2,718 2,305,825
168 Zimbabwe $2,622 16,320,537
169 Guinea $2,604 13,859,341
170 Vanuatu $2,586 326,740
171 Uganda $2,574 47,249,585
172 Solomon Islands $2,455 724,273
173 Mali $2,401 22,593,590
174 Afghanistan $2,390 41,128,771
175 Guinea Bissau $2,348 2,105,566
176 Rwanda $2,337 13,776,698
177 Gambia $2,276 2,705,992
178 Burkina Faso $2,262 22,673,762
179 Kiribati $2,200 131,232
180 Togo $2,199 8,848,699
181 Yemen $1,927 33,696,614
182 Eritrea $1,821 3,684,032
183 Sierra Leone $1,725 8,605,718
184 Chad $1,611 17,723,315
185 Madagascar $1,599 29,611,714
186 Liberia $1,557 5,302,681
187 Mozambique $1,277 32,969,518
188 Niger $1,259 26,207,977
189 DR Congo $1,106 99,010,212
190 Malawi $993 20,405,317
191 Central African Republic $979 5,579,144
192 Somalia $925 17,597,511
193 South Sudan $791 10,913,164
194 Burundi $760 12,889,576

Per Income Capita 2022- FAQs

Q. What do you mean by Per Capita Income?

Per capita Income or PCI is the average income earned by every individual in a certain time period of a given area (say, a country, state, city, or others). It can be calculated by dividing the total income of a specific area by the total population of that area.
In order to assess a population’s standard of living, per capita income, is used to calculate the average per-person income.

Q, How to calculate the Per Capita income of a Country?

Any country’s per capita income is determined by dividing its national income by its population. In a nation, a state, or a particular area, PCI or per capita Income defines the average income of an individual person in a specific time period in a specific geographical area. The Per Capita Income  formula is
Per capita income or PCI = Total income earned by Population / Population of a specific area

Q.Which nation’s per capita income is the highest in the world?
The nation with the highest income per capita, by any metric, is Luxembourg,  The per capita income in Norway has consistently been among the highest in the world.

Q. What is GDP Per Capita?

The GDP per capita of a nation is calculated by dividing a nation’s economic production by its population, You must divide the population of a country by its entire domestic economic production. GDP per capita is calculated using the following formula:

GDP Per Capita = Gross Domestic Product/ Population

Q.What is the GNI for India in 2022?

In the fiscal year 2022, India’s per-capita net national income, or NNI, was approximately 150,000. The gross national income, in comparison, was nearly 146 trillion rupees at constant prices. At constant prices, the GNI growth rate the prior year was almost 9%.

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