India's per capita income is projected to more than double over the next decade, according to According to a recent note by Morgan Stanley,

Currently estimated at Rs 1,83,236 for the fiscal year 2024, the income per capita could soar to $5,800 (approximately Rs 4,84,601) by fiscal year 2034.

The report highlights that the anticipated growth is driven by several factors, including improvements in productivity, increased investment in infrastructure, and advancements in technology.

Additionally, Morgan Stanley points out that the focus on macroeconomic stability by the Indian government is expected to continue, despite recent political challenges.

The seat losses faced by the Bharatiya Janata Party were due to "non-economic issues" as per a note by Morgan Stanley. The brokerage remains bullish on Indian equities due to strong earnings growth, driven by structural reforms. Moreover, it expects India's per-capita income could more than double by fiscal 2034, potentially unlocking further domestic consumption.

 India's per capita income, during  2023-24 is estimated to be Rs 183,236 compared to Rs 169,496 for the year 2022-23. As per the report, it can shoot up to $5,800, which translated at today's exchange value is just a tad below Rs 5 lakh per annum.