Former RBI Governor C Rangarajan Says India Needs to Grow Fast to Increase Per Capita Income
In his address at the 13th Convocation of the ICFAI Foundation for Higher Education, former Reserve Bank of India Governor C Rangarajan said that India needs to grow fast to increase the per capita income of the country from the present levels.
Rangarajan noted that India is currently the fifth largest economy in the world, but its per capita income is still relatively low. He said that India needs to achieve a seven per cent rate of growth continuously over the next two decades and more in order to make a substantial change to the level of the economy and almost touch the status of a developed economy.
Rangarajan also stressed the need for India to absorb new technologies and develop a skilled workforce in order to support this growth. He said that employment must come out of increased growth, and that growth without equity is not sustainable.
Rangarajan’s comments come at a time when India is facing a number of challenges, including a slowing economy, rising inflation, and a widening gap between the rich and the poor. His call for faster growth is likely to be welcomed by many, but it is important to note that there are no easy solutions to the challenges facing India.
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