Bangladesh beat India in terms of per capita income as the country recorded its per capita income at $2,227 in 2020-21 fiscal year, showing over 9 per cent jump from $2,064 of the previous 2019-20FY.
India has technically slipped below Bangladesh, registering $1,947.417 per capita income in the outgoing 2020-21 fiscal year, reports The New Indian Express.The per capita income of India reached $1,947.417, thanks to the sharp contraction in the economic growth due to corona pandemic and the subsequent nationwide lockdown, it said.
Planning Minister of Bangladesh MA Mannan placed the statistics regarding the country’s per capita income at a virtual cabinet meeting held on Monday with Prime Minister Sheikh Hasina in the chair.
“Our per capita income stands at $2,227 in the fiscal year 2020-21, but the previous fiscal year’s per capita income was $2,064. So, the growth rate is 9 per cent,” said Bangladesh cabinet secretary Khandaker Awnarul Islam. He also said the country’s GDP has also increased to Tk 30,87,300 crore from Tk 27,96,358 crore. “It’s a good achievement of the country.”
India Express said when the World Economic Outlook data was released by the International Monetary Fund (IMF) in October last year, it had also projected Bangladesh to surpass India in terms of per capita GDP (at current prices) in dollar terms in 2020. That time, too, it had sparked a row.
Former chief economic adviser Arvind Subramanian of India, had then said the numbers are not comparable as “market exchange rates are not appropriate for welfare comparisons across time and countries because they may not adequately reflect domestic inflation and/or productivity growth. More appropriate basis is GDP at constant, purchasing power parity exchange rates. This shows India ahead and despite more adverse impact of corona pandemic in 2020, it is likely to remain so,” said Subramanian.