India still remains a poor country-Former Reserve Bank Governor, D Subbarao

Former Reserve Bank Governor, D Subbarao, addressed a gathering at a book launch program on Monday and expressed his opinion that even if India becomes the third-largest economy in the world by 2029, as predicted by many economists, it does not necessarily mean that India would become a developed nation. According to him, Saudi Arabia is a good example of a country that is rich but not developed. He further explained that India is still a poor country, despite its large population, and therefore, there is no reason to celebrate this accomplishment. Currently, India is the fifth-largest economy in the world with a GDP of USD 4 trillion. However, in terms of per capita income, India ranks 139th in the league of nations, and it is the poorest among BRICS and G-20 nations. Therefore, to move forward, the focus should be on accelerating the growth rate and ensuring that the benefits are shared among all. Subbarao emphasized that the Prime Minister has set a goal for India to become a developed country by 2047. He further stated that to achieve this, four essential ingredients are required: rule of law, a strong state, accountability, and independent institutions.