J&K's per capita income crosses Rs 1 lakh mark
Srinagar: In a positive development, Jammu and Kashmir's per capita income at current price has crossed Rs 1 lakh mark for the first time.
Per capita income (PCI) or total income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population.
As per the details shared by the Union Finance Ministry, J&K's per capita income recorded at the current price in the financial year 2019-2020 was Rs 1,02,789.
While further dissecting figures, it shows that the per capita income in J&K has shown constant increase. In 2015-16, per capita income in J&K was Rs 73215, it went up in 2016-17 to Rs 76, 634, in 2017-18 per capita income was Rs 84471, 2018-19 Rs 95448.
Jammu and Kashmir per capita income at constant price is Rs 70,176. The national level per capita income at current price is Rs 1,28,829.
J&K's per capita income is far below many developed states of the country. Sikkim has the highest per capita income of Rs 4.3 lakh.
As per the experts, Jammu and Kashmir economy has been growing, on an average, at an annual rate of 5-7 percent per annum, despite bottlenecks and uncertainties.
" Growing uncertainties over the period of three decades, the robust human development parameters of this region have been better than many states in the country. In a comparative analysis of the current period and the recent past, the economic growth has decelerated, possibly due to uncertainties generated by lockdowns, COVID-19, etc".
The Net State Domestic Product (NSDP), at current prices, has risen from Rs 67274 crore in 2011-12 (the year of change in base price level) to Rs 129891 crore in 2018-19, demonstrating an annual growth rate of 13.29 percent.
It is realistic to estimate the growth of state income at constant prices since it accounts for inflation to convert nominal state income into real state income. The Net State Domestic Product (NSDP) at constant prices has increased from Rs 67274 crore in 2011-12 to Rs 91666 crore in 2018-19, registering an annual average growth rate of 5.18 percent.