Per capita income likely to cross Rs 60,000

New Delhi: Reflecting general rise in living standard, India`s per capita income is estimated to grow above Rs 60,000 per annum or over Rs 5,000 per month, said the government data.

"The per capita income at current prices during 2011-12 is estimated to be Rs 60,972 compared to Rs 53,331 during 2010-11, showing a rise of 14.3 per cent," said the Advanced Estimates of National Income released by the Central Statistical Office (CSO) today.

The rise in per capita income would have been higher but for the slowdown in economic growth which is expected to moderate to 6.9 per cent in the current fiscal from 8.4 per cent a year ago.

Per capita income is the earnings of each Indian if the national income is evenly divided among the country`s population of around 120 crore. It is an important indicator of overall prosperity in the country.

India`s population, according to the data, was 118.6 crore in March 2011. However, increase in per capita income at constant (2004-05) prices, after discounting for inflation, is likely to about 5.6 per cent in 2011-12.

"The per capita income in real terms (at 2004-05 prices) during 2011-12 is likely to attain a level of Rs 38,005 as compared to the Quick Estimate for the year 2010-11 of Rs 35,993," the data said.

According to the figures, the size of the economy at current prices is likely to rise to Rs 82,79,976 crore last fiscal, up 15.7 per cent from Rs 71,57,412 crore in 2010-11.