Raghuram Rajan’s Warning: India’s Economic Growth Imperative

Raghuram Rajan's Warning: India's Economic Growth Imperative

Asif Iqbal | December 17, 2023 | 09:35 PM IST | Breaking News | Follow on Google News

Raghuram Rajan’s Warning: India’s Economic Growth Imperative.image/ANI

Raghuram Rajan’s Warning: India’s Economic Growth Imperative

Former RBI Governor Raghuram Rajan has sounded a critical alert about India’s economic course, emphasizing the urgent need to surge beyond the current 6% annual growth rate. His concern stems from the potential consequence: India may remain a lower middle-income country by its 2047 centenary.

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Contrary to Prime Minister Narendra Modi’s ‘Amrit Kaal’, symbolizing abundant prosperity by 2047, Rajan’s analysis offers a contrasting view. He suggests India’s per capita income could merely quadruple to $10,000, insufficient to attain ‘rich’ status.

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Challenges of Aging Before Prosperity
Rajan flags a concerning possibility: India may age demographically before achieving economic affluence. This could mean grappling with an aging populace without the necessary economic resources. Compounded by low labor force participation, particularly among women, India ranks lowest among G20 nations in this aspect.

Demographic Transitions and Economic Realities
Several southern Indian states witnessing fertility rates below replacement levels signify a looming slowdown in growth and an aging populace. Rajan underscores the urgency for faster economic growth to employ the incoming workforce and ensure affluence precedes aging. He highlights the transition observed in developed nations, where the majority now engage in the service industry.

This analysis underlines the critical need for India to ramp up economic growth to address demographic and economic challenges, ensuring a path towards sustained prosperity and development.

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Asif Iqbal

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