Understanding Per Capita Income in India

The question asks about the per capita income in India at current prices for the financial year 2017-18. Per capita income is a measure of the average income earned per person in a given area (city, region, country) in a specified year. It is calculated by dividing the total national income by the total population.

Per capita income is often used as an indicator of the standard of living and economic well-being of a country or region. When calculated at "current prices," it reflects the income using the prices of that specific year, without adjusting for inflation.

India's Per Capita Income 2017-18 (Current Prices)

According to official data released by the Ministry of Statistics and Programme Implementation (MOSPI), the per capita income in India at current prices during the financial year 2017-18 was approximately Rs. 1,13,095.

This figure represents the average income per person for that specific period, reflecting the economic performance of the country without factoring out the effect of price changes (inflation) compared to a base year.

Comparing with the Options

Let's compare the official per capita income figure for 2017-18 with the given options:

• Option 1: Rs. 1.13 lacs
• Option 2: Rs. 1.23 lacs
• Option 3: Rs. 1.03 lacs
• Option 4: Rs. 1.33 lacs

Converting the official figure of Rs. 1,13,095 into lakhs, we get approximately Rs. 1.13 lakhs (since 1 lakh = 1,00,000). This figure closely matches one of the provided options.

Conclusion on Per Capita Income

Based on the official data for India's per capita income at current prices in 2017-18, the value was around Rs. 1.13 lakhs. Comparing this with the given options, Option 1 is the closest and most accurate representation of the per capita income figure for that specific period and price basis.

Revision Table: Key Economic Indicators

Additional Information on India's Economy and Per Capita Income

Per capita income is an important, though not the sole, indicator of economic progress and living standards. It helps in making comparisons over time and across different regions or countries. However, it's an average and doesn't reflect income distribution or inequality within the population.

The calculation of per capita income at current prices provides a nominal value, reflecting the income in actual rupees earned during that year. To understand the real growth in purchasing power, it's important to also look at per capita income at constant prices, which removes the effect of inflation.

Factors influencing per capita income include overall economic growth (measured by GDP), population growth, inflation rates, and government policies related to income distribution and economic development.