India, a $1.7 trn economy, per capita income rises to Rs 74,920

India's per capita income is projected to soar by 10.4 per cent to Rs 74,920 in 2013-14 as the country becomes a $1.7 trillion economy.

Per capita income is calculated by evenly dividing the national income by the country's population.

However, the increase in per capita income would be only 2.8 per cent in 2013-14 if it is calculated on the basis of 2004-05 prices.

Per capita income (at 2004-05 prices) would be Rs 39,961 in 2013-14, against Rs 38,856 in the previous fiscal, according to the latest data on national income.

The size of the economy at current prices is projected to rise to Rs 105.39 lakh crore ($1.7 trillion)at the end of 2013-14 fiscal, up 12.26 per cent from Rs 93.88 lakh crore in FY 2012-13.

Based on 2004-05 prices, the Indian economy is projected to expand by 4.9 per cent in the 2013-14 fiscal. This is higher than 4.5 per cent growth in 2012-13.

The country's population is expected to increase to 123 crore ( 1230 million) by the end of March 2014, from 121.7 crore (1217 million) in March 2013.