India’s per capita income to hit $4,000 by 2030 making it an upper-middle-income country, says a recent SBI report

India’s economy is steadily advancing toward a major milestone, with per capita income projected to reach $4,000 by 2030, according to an SBI Research report cited by IANS.

Also Read: “We made the Saiyaara kurti & it was sold out,” Best Friends From Jaipur Started A Kurti Brand With Rs 17k – Clocked Rs 15 lakh In 6 months

India to be in the upper-middle-income country category?

Achieving this level would place India in the upper-middle-income country category, alongside economies such as China and Indonesia under the current global income classification.

The report indicates India’s accelerating growth trajectory over the past two decades.

While it took nearly 60 years after Independence for the country to become a $1 trillion economy, momentum picked up significantly thereafter.

India reached the $2 trillion mark by 2014, just seven years later, crossed $3 trillion by 2021, and joined the $4 trillion economies in 2025, achieving the latest trillion-dollar jump in only four years.

 Also Read: 25-YO Jaipur Woman Quit Her Job At Amazon, Invested Rs 10k From Savings To Start An Exotic Salad Startup – Clocked Rs 3 Lakh In 3 Months

Dr Soumya Kanti Ghosh, Group Chief Economic Advisor at the State Bank of India, noted that this growth path is expected to continue. He added that India could become a $5 trillion economy within the next two years, further strengthening its standing in the global economic hierarchy.

Per capita income trends reflect this progress. India reached $1,000 in 2009 and doubled it to $2,000 by 2019.

The figure is expected to rise to $3,000 by 2026 and $4,000 by 2030 if current trends persist.

Over the last decade, India has also improved its global growth ranking, moving from the 92nd to the 95th percentile in global average real GDP growth.

Looking further ahead, the report aligns with the government’s Viksit Bharat vision of becoming a high-income country by 2047.

Currently, the global high-income threshold stands at a per capita GNI of $13,936. To reach this by 2047, India would need to sustain annual per capita GNI growth of around 7.5 per cent.

If the benchmark rises to $18,000, the challenge would intensify, requiring not only near 9 per cent annual growth but also consistent reforms, productivity gains, and focused investments.

Factoring in population growth and inflation, SBI Research estimates India must maintain nominal GDP growth of about 11.5 per cent in dollar terms for the next 23 years to realise its long-term ambitions.

Also read: Deloitte to hire 50,000 more employees in India, “We will come to Mangaluru,” says South Asia CEO Romal Shetty (startuppedia.in)