Per capita income of Indians to cross Rs 1 lakh in FY17

India's per capita income, a gauge for measuring living standard, is estimated to cross Rs 1 lakh in 2016-17, up from Rs 93,293 in the previous fiscal.

As per the 'First Advance Estimates of National Income, 2016-17' released by the Central Statistics Office (CSO), the per capita net national income during 2016-17 is "estimated to be Rs 103,007" at current prices.

This is higher by 10.4 percent compared to Rs 93,293 during 2015-16.

"The per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to attain a level of Rs 81,805 as compared to Rs 77,435 for the year 2015-16," the estimates said.

At constant prices, the growth rate in per capita income is estimated at 5.6 percent during 2016-17, as against 6.2 percent in the previous year.

The Central Statistics Office said India's GDP is expected to slowdown to 7.1 percent during 2016-17 from 7.6 percent in the previous fiscal mainly due to slump in manufacturing, mining and construction activities.

The CSO did not figure in the impact of demonetisation, effected on November 9 and the estimates are based on sectoral data available till October.

The CSO projections on national income are in line with the Reserve Bank's estimates, which too had lowered the GDP growth prospects to 7.1 percent.