New Delhi. Finance Minister Nirmala Sitharaman on Friday said the standard of living of the common man will improve rapidly with the government's measures and efforts to double the per capita income in the next few years. Addressing the third edition of the Kautilya Economic Conference here, Sitharaman said that inequality has reduced in India. The Gini coefficient, a statistical measure to measure inequality, shows improvement in urban and rural areas. He said this is being achieved with a reduction in inequality, as the Gini coefficient (income inequality index) for rural India has declined from 0.283 to 0.266, while for urban areas it has declined from 0.363 to 0.314. Sitharaman said, “I hope that these reforms will continue.” “The effects of the economic and structural reforms of the last 10 years will be more clearly visible in the data in the coming years as the economy recovers from the impact of the COVID-19 pandemic.”
The minister said the coming decades will see "a rapid improvement in the standard of living of the common man, which will truly be an era of survival for Indians." It took 75 years to reach US$1 per capita income, but adding another US$2,000 will only take five years. The coming years will see the fastest improvement in the standard of living of the common man, which will truly be an era for Indians...”
Sitharaman said that despite global challenges, India will strive to double the per capita income for its population of 1.4 billion in a few years. She said that by 2047, when India will complete 100 years of its independence, The basic characteristics of the new Indian era will be similar to those of developed countries.
The Minister said that a developed India will bring prosperity not only to Indians but also to the rest of the world by becoming a center of vibrant exchange of ideas, technology and culture.
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