The National Sample Survey reported in 2004-05 that the incomes in urban India in the top quintile was Rs.3,78,000 while in bottom quintile was Rs.23,285 per annum. Indian economy consumes in a year over 1.5 million cars, 12.5 million television sets, 7.2 million two wheelers, added Rs 4,00,000 crore to bank deposits in 2007-08 and devoured over 9.2 million mobile connections in a month is also a home to the largest number of poor people.
In recent years, India has experienced an unprecedented economic growth.
India commands a new respect today and is increasingly being seen as part of a new axis of economic power in the world power. It’s GDP has increased by 9.1% for the fiscal year 2007-2008. The nation has witnessed a structural shift in GDP growth due to new investments and the growth of the value enhancing services sector. Early last year, India joined the ranks of 12 countries with a trillion dollar GDP in nominal terms. Several expert groups predict that real GDP could grow at a compound rate of 6-9% over the next two decades, implying a size of the economy that would range between US $ trillion and US $ 5 trillion by 2025.India’s population is expected to go 1.4 billion by this time. Out of which more than 67% of this population i.e. nearly 940 million people will be in the productive age. This demographic dividend can significantly drive growth. India will continue to be a young country, unlike many others, with 42% of the people being below 25years of age.
In a recent report, the McKinsey Global Institute predicts average household disposable income to almost triple by 2025, registering a higher growth than what was achieved in the past 20 years. The Report also estimates that India’s middle class will reach 41% of its population and grow to 583 million people.
Cite this article:
Chandana Mitra. Poverty Alleviation and Rehabilitation of the Landoutsees with Special Relevance to South Eastern Coalfields Limited. Research J. Humanities and Social Sciences. 2(1): Jan.-Mar. 2011, 05-08.