Need to increase per capita income to make India 3rd largest economy: Bandhan Bank MD – Times of India

Need to increase per capita income to make India 3rd largest economy: Bandhan Bank MD - Times of India

New Delhi: Bandhan Bank Managing Director Chandrasekhar Ghosh said on Tuesday that India needs to increase its per capita income to become the world’s third largest economy.
Per capita income of the fifth-largest economy stood at Rs 98,374 in 2022-23, according to government data.
India ranks 130th globally on the Human Development Index, which includes per capita income, education and health parameters.
While addressing an event organized by CII Here, Ghosh said, India would have to increase its per capita income to become the world’s third-largest economy or achieve a size of $5 trillion.
He said that we need to focus on improving per capita income so that people earn more and hence spend more.
Ghosh said financial inclusion and access Institutional credit Contribute to the improvement of income per capital.
The government has taken many initiatives in this direction including Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yojana.
Around 51 crore zero balance bank accounts have been opened under PMJDY so far.
PMJDY was launched on 28 August 2014 as a National Mission for Financial Inclusion. It aims to ensure inclusive financial inclusion in the country by providing universal access to banking facilities and basic bank accounts.
Pradhan Mantri Mudra Yojana (PMMY) is helping to achieve the unbanked. Collateral Free Credit. By November 24, 2023, over 44 crore loan accounts have been opened and over Rs 26.12 lakh crore have been sanctioned.
Digital Public Infrastructure (DPI) has significantly helped in the growth of digital payment in the country, he said, adding that it has also created the need for digital literacy to protect people from cybercrime.

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