Brief by Shorts91 Newsdesk / 02:16pm on 17 Apr 2024,Wednesday India
Former RBI Governor D Subbarao cautions that India, projected to become the world's third-largest economy by 2029, may still grapple with poverty. Despite PM Modi's ambitions, Subbarao highlights the distinction between economic size and development, citing Saudi Arabia. India's current per capita income ranks low globally at USD 2,600, emphasizing the need to accelerate growth and ensure equitable distribution of benefits. Subbarao underscores the importance of rule of law, a strong state, accountability, and independent institutions for India to progress towards becoming a developed nation by 2047.
