The country's per capita income is expected to decline by 5.40 per cent

Mumbai, Ta. 23 June 2020, Tuesday

Due to the impact of the coronavirus, the per capita income of the country's citizens is expected to fall by 3.50 per cent to Rs 1.5 lakh in the current financial year. In the last financial year, the figure was Rs 1.5 lakh, according to an SBI report.

In terms of per capita income decline in India, the most serious impact is being seen in the states of Delhi, Chandigarh and Gujarat. In these states, per capita income is projected to decline by 12.50 per cent, 12.50 per cent and 11.50 per cent, respectively.

States that have higher incomes than the country's average per capita income are seeing more impact. Per capita income in Delhi and Chandigarh is three times lower than in India. A total of eight states and union territories are witnessing a double-digit decline in per capita income, which could be a cause for concern, the report said. These are the states which account for about 5% of the country's GDP.

Revenue is declining due to the lockdown. Markets, shopping malls and malls closed during the lockdown have had a major impact on the income of ordinary people. The report expects India's economic growth to slow to 6.50 per cent in the current financial year. Over the past few weeks, various global rating agencies have downgraded India's sovereign ratings and warned against deteriorating the country's fiscal position.