Despite being one of the world's largest economies, India ranks poorly in per capita income, a stark reminder that GDP growth alone does not equate to widespread prosperity. This widening economic gap has real implications, most notably in terms of demand the very engine of sustainable growth.
Recent analyses point to stagnant rural wages, a persisting| issue that has kept the purchasing power of millions at a minimum. Surveys show that the average income for a rural earning person is less than Rs 35,000 a year, or about Rs 2,886 per month.
This is barely enough to cover basic needs for an earning person's family, leaving little room for discretionary spending that could stimulate demand in other sectors of the economy. In fact, a large part of household expenditure in rural India goes towards food - nearly 40 per cent reflecting the immense burden of basic costs.
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Denne historien er fra November 12, 2024-utgaven av The Statesman.
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