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 while economic growth is important, it does not automatically translate into development or prosperity for all citizens.
Subbarao highlights the fact that India's large population, at 1.4 billion people, is a significant factor in its economic size. However, he emphasizes that India remains a poor country with a per capita income of only $2,600, ranking 139th among nations. This places India as the poorest among BRICS and G-20 nations.
He emphasizes the need to accelerate economic growth while ensuring that the benefits are shared equitably among all sections of society. This requires addressing issues of poverty, inequality, and lack of access to basic necessities.
rule of law, a strong state, accountability, and independent institutions. These factors are crucial for ensuring sustainable development and improving the lives of all citizens.
In conclusion, while India's projected economic growth is significant, it should not be seen as an end in itself. The focus should be on inclusive and equitable development that addresses the needs of all citizens and lays the foundation for a truly developed nation.