India's per capita income remains below pre-Covid-19 level in FY22

India's annual per capita income based on Net National Income (NNI) at constant prices continued below the pre-Covid-19 level at ₹91,481 in the financial year 2021-22, data released by the Ministry of Statistics & Programme Implementation shows.

The per capita income at constant price was ₹94,270 in 2019-20 before it fell to ₹85,110 in 2020-21 owing to the disruption in economic activity due to the pandemic-induced lockdowns.

At current prices, the per capita income rose 18.3% to ₹1.5 lakh in FY22. It had dipped to ₹1.27 lakh in 2020-21 from ₹1.32 lakh in 2019-20.

This comes at a time when the country's GDP growth for the March quarter fell to a one-year low due to the third wave of Covid-19 and Russia-Ukraine war.

"GDP at constant prices (2011-12) in Q4 2021-22 is estimated at ₹40.78 lakh crore, as against ₹39.18 lakh crore in Q4 2020-21, showing a growth of 4.1%," data released by the Ministry of Statistics and Programme Implementation (MoSPI) showed.

GDP growth for the full fiscal 2022 stood at 8.7%, against a contraction of 6.6% in the previous fiscal.

"Real GDP at constant prices (2011-12) in the year 2021-22 is estimated to attain a level of ₹147.36 lakh crore, as against the first revised estimate of ₹135.58 lakh crore for the year 2020-21, released on January 31, 2022. The growth in GDP during 2021-22 is estimated at 8.7% as compared to a contraction of 6.6% in 2020-21," says MoSPI.

Meanwhile, India's fiscal deficit for the financial year 2021-22 stood at 6.71% of the GDP, lower than the 6.9% projected in the finance ministry's revised estimates. The revenue-expenditure data released by the Controller General of Accounts (CGA) shows the fiscal deficit in absolute terms in 2021-22 stood at ₹15,86,537 crore (provisional). The revenue deficit at the end of the financial year stood at ₹10,32,947 crore (4.37%) in absolute terms.

The government has received ₹22,07,634 crore (101.3% of corresponding RE 21-22 of total receipts) during 2021-22 comprising ₹18,20,382 crore tax revenue, ₹3,48,044 crore of non-tax revenue and ₹39,208 crore of non-debt capital receipts. ₹8,81,779 crore has been transferred to state governments as devolution of share of taxes by government up to this period which is ₹2,86,782 crore higher than the previous year.

Total Expenditure incurred by the government is ₹37,94,171 crore (100.6% of corresponding RE 20-21), out of which ₹32,01,373 crore is on revenue account and ₹5,92,798 crore is on capital account. Out of the total revenue expenditure, ₹8,05,390 crore is on account of Interest Payments.