How is per capita income determined? What is the present per capita income of India?
Answers
Answer:
The number of population of a country by the income of that country gives the per capita income or the average income. The present per capita income of India is 12238 dollars.(according to 2016 survey).
In Economics,per capita income is calculated by dividing the total or overall income level of any region,city,town,village or country by the total number of people residing in that particular place.
Explanation:
In Economics,per capital income can be describes as the average or mean income earned by each individual or person staying in any particular regions,city,village,town or country.It denotes how much any one individual or person is earning as part of the overall or total income level in any particular place.Per capita income is mathematically calculated by dividing the total or overall income earned by everyone within the concerned place by the total number of people residing in that particular place.Hence,it also represents the average or mean income level of that place.Based on the country wide data presented or published by World Bank,the latest per capita income in India has been recorded to be approximately $7060 or Rs.538060(according to current conversion rate) adjusted for Purchasing Power Parity(PPP) in 2017.