Don’t celebrate, India will remain poor even after becoming the third largest economy! Former RBI Governor explained why

Even if it becomes the third largest economy by 2029, India may remain a poor country. Former Governor of Reserve Bank of India (RBI) D Subbarao expressed this apprehension on Monday. He said that hence there is no reason to celebrate on this matter. Subbarao made reference to Saudi Arabia while addressing the gathering at a book launch event here. He said, becoming a rich country does not mean becoming a developed nation.

The former RBI Governor referred to the statement of Prime Minister Narendra Modi. He has said on several occasions that if he comes back to power, India will become the third largest economy in his third term. He said many economists predict that the country will become the third largest economy after the US and China.

Nothing to celebrate…
Subbarao said, ‘I think it is possible (India becoming the third largest economy), but it is not something to celebrate. Why? We are a big economy because we are 1.40 billion people. And people are a factor of production. We are a big economy because we have people. But we are still a poor country. He said that India is now the fifth largest economy in the world. Its economy is worth 4,000 billion dollars.

India is the poorest among BRICS and G-20 countries.
Subbarao said that India ranks 139th in this matter with a per capita income of US $ 2,600. It is the poorest among BRICS and G-20 countries. He said that that is why the agenda to move forward is very clear. Accelerate the growth rate and ensure that profits are distributed among all.

Subbarao recalled the Prime Minister’s statement in which he had said that India has to become a developed country by 2047. According to the former governor, to become a developed nation, four things… rule of law, strong state, accountability and independent institutions… are important.