A Cause for Celebration or Concern?
Former Reserve Bank Governor D Subbarao has cautioned against celebrating India's projected rise to become the world's third-largest economy by 2029. He argues that despite this economic growth, India remains a poor country, highlighting the need to focus on equitable distribution of wealth and development.
Subbarao cites the example of Saudi Arabia, a rich country that hasn't necessarily translated its wealth into development. He emphasizes that India's large population, at 1.4 billion people, is a significant factor in its economic size. However, with a per capita income of $2,600, India ranks 139th globally and remains the poorest among BRICS and G-20 nations.
rule of law, a strong state, accountability, and independent institutions.
In conclusion, while India's projected economic growth is significant, it should not overshadow the need to address poverty and ensure equitable development. The focus should be on translating economic growth into tangible improvements in the lives of all Indians, making India not just a large economy but a truly developed nation.