Bangladesh's per capita income for the fiscal year 2020-21 (FY21) was $2,227, up 9% from $2,064 in the previous fiscal year. In terms of per capita income, India has technically fallen behind Bangladesh, with the neighboring country reporting a per capita income of $2,227 in the fiscal year 2020-21, up from $2,064 in fiscal year 2019-20.
According to the most recent official data, India's per capita income reached $1,947.417, owing to a sharp drop in economic growth caused by the Covid-19 pandemic and the subsequent nationwide lockdown.
Bangladesh was arguably the poorest nation in the world or near to it when it gained independence in 1971. Now, Bangladeshi citizens are now technically wealthier than Indian citizens. Bangladesh, one of the world's most heavily populated nations, has been fighting poverty and underdevelopment for nearly five decades.
What is Per Capita Income?
The average income received per individual in a geographical area is referred to as per capita income. It's determined by dividing the country's GDP by its population. Per capita income can be used to calculate an area's total per-person income and to assess the population's standard of living and quality of life. A country's per capita income is determined by dividing its national income by its population.
"In the fiscal year 2020-21, our per capita revenue is $2,227, compared to $2,064 in the previous fiscal year. As a result, the growth rate is 9%," Bangladesh's Cabinet Secretary Khandker Anwarul Islam told reporters.
When the International Monetary Fund published its World Economic Outlook data in October of last year, it predicted that Bangladesh will surpass India in terms of per capita GDP (at current prices) in dollar terms in 2020. It had also caused a squabble at the time.