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India cannot become a developed country by 2047 at current growth rate : Raghuram Rajan

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File image of former RBI Governor Raghuram Rajan (Photograph: ABHIJIT BHATLEKAR/MINT)
  1. Raghuram Rajan highlighted the economic activities in cities like Gurgaon and Noida, likening them to functioning within a first-world economy.
  2. He praised the success of the Unified Payments Interface (UPI), attributing its inception to his tenure at the Reserve Bank of India (RBI) and acknowledged its substantial growth, reaching 10 billion transactions per month.
  3. Expressing doubts about India becoming a developed economy by 2047, Rajan projected a rise in per capita income to $10,000 by 2047, trailing China by $3,000. He suggested that India might attain a lower or moderate middle-income status instead of becoming fully developed at the current growth rate.
  4. He emphasized the need to confront malnutrition openly and proposed a mission-mode approach to eradicate it within the next five years, mentioning the disparities across regions and the potential to reduce malnutrition levels to OECD standards through concerted efforts.
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