Hyderabad: India may still be a poor country even after becoming the world's third largest economy by 2029 as per Prime Minister Narendra Modi's vision, so there is no reason to celebrate, former Reserve Bank of India Governor Subbarao said here on Monday. Is.
Addressing the gathering at a book launch event, Subbarao also said that becoming a rich country does not mean becoming a developed nation, citing Saudi Arabia.
Recalling PM Modi's statement that if he returns to office, India will become the third-largest economy before 2029 - before the end of his third term, he said many economists estimate that The country will become the third largest economy after America and China. Very early.
“In my view, it is possible (India becoming the third largest economy), but it is not a celebration. Why? We are a big economy because we are 1.40 billion people. And people are a factor of production. So we are a big economy because we have people. But we are still a poor country,” Subbarao said, adding that India is now the world's fifth largest economy at US$4 trillion.
With a per capita income of US$2,600, India ranks 139th in the league of nations in terms of per capita income. He further said that BRICS and G-20 countries are the poorest countries.
Therefore the agenda to move forward is very clear. Accelerate the growth rate and ensure that benefits are shared, he said.
Subbarao also reminded that the Prime Minister had said that India would have to become a developed country by 2047.
According to Subbarao, becoming a developed nation requires four essential elements – rule of law, strong state, accountability and independent institutions.
Addressing the gathering at a book launch event, Subbarao also said that becoming a rich country does not mean becoming a developed nation, citing Saudi Arabia.
Recalling PM Modi's statement that if he returns to office, India will become the third-largest economy before 2029 - before the end of his third term, he said many economists estimate that The country will become the third largest economy after America and China. Very early.
“In my view, it is possible (India becoming the third largest economy), but it is not a celebration. Why? We are a big economy because we are 1.40 billion people. And people are a factor of production. So we are a big economy because we have people. But we are still a poor country,” Subbarao said, adding that India is now the world's fifth largest economy at US$4 trillion.
With a per capita income of US$2,600, India ranks 139th in the league of nations in terms of per capita income. He further said that BRICS and G-20 countries are the poorest countries.
Therefore the agenda to move forward is very clear. Accelerate the growth rate and ensure that benefits are shared, he said.
Subbarao also reminded that the Prime Minister had said that India would have to become a developed country by 2047.
According to Subbarao, becoming a developed nation requires four essential elements – rule of law, strong state, accountability and independent institutions.
