'India will remain lower middle economy by 2047 if...': Raghuram Rajan on country's growth
1 year ago

'India will remain lower middle economy by 2047 if...': Raghuram Rajan on country's growth

India TV News  

Former Reserve Bank Governor Raghuram Rajan claimed that India would reach the end of the demographic dividend by 2047 and still be classified as a lower middle-income country if the growth rate remains at 6 per cent per year without any growth in population. Today, the per capita income in India, as you know, is just a little below $2,500 per person.multiply by four, and we get $10,000 per person…So if you do the math, at our current rate of growth, you know, strong as it is highest in the G20, we don't get rich but we stay lower middle income till 2047," the economist said, as per news agency PTI. World Bank maintains India's GDP growth forecast The World Bank has decided to retain its GDP growth projection for India in the financial year 2023-24 at 6.3 per cent. Despite substantial global challenges, the World Bank highlighted that India emerged as one of the fastest-growing major economies in the fiscal year 2022-23, with a growth rate of 7.2 per cent.

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