Former RBI Governor worried about the individual regarding per capita income, said- it is important to pay attention to this also
India can also achieve the status of a developed economy. He called it important for India to accelerate the adoption of new technologies that have emerged recently and develop skilled workers accordingly.
Hyderabad. Former Reserve Bank of India Governor C Rangarajan, while terming India’s becoming the world’s fifth largest economy as an impressive success, also said on Saturday that there is a need to rapidly increase the country’s per capita income. Addressing the 13th convocation of the ICFAI Foundation for Higher Education, Rangarajan said that there is a need to prepare a clear blueprint for the future development of the country in the backdrop of the end of the COVID-19 pandemic and the Russia-Ukraine war. In this direction, the first and most important task will be to increase the economic growth rate.
He said, India becoming the fifth largest economy in the world is an impressive success. But if seen from the perspective of per capita income, a different picture is visible. In the year 2020, India was ranked 142nd among 197 countries in terms of per capita income. This shows how long we still have to go. Describing growth as important in this journey, Rangarajan said, given the current level of per capita income, we have no option but to grow rapidly.
He said that if the country grows at the rate of seven percent per year for the next two decades or more, then there will be a significant change in the level of the economy and India can also achieve the status of a developed economy. He called it important for India to accelerate the adoption of new technologies that have emerged recently and develop skilled workers accordingly.
However, he also expressed the possibility of change in the employment scenario due to new technology. Increased growth should also generate employment, Rangarajan said. Even employment growth without growth is not sustainable. That is why we should aim for a sustainable economic growth rate of at least seven percent. Along with this, he also stressed on equitable distribution of growth and said that the development strategy should be multidimensional.
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