According to Raghuram Rajan, what will be the position of India's economy by 2047
Raghuram Rajan predicts that with a growth rate of 6%, India will remain a lower middle economy by 2047.
According to Raghuram Rajan, India's economy is predicted to remain at a lower middle-income level by 2047 with a growth rate of 6%. Here are a few points summarizing his prediction:
- India's economic growth rate of 6% is considered moderate compared to the aspirations of becoming a high-income nation.
- Despite the projected growth, the gap between India and advanced economies might widen, hindering its progress towards higher economic rankings.
- The need for sustained reforms and inclusive growth becomes crucial for India to overcome the challenges and achieve higher economic prosperity.
- Rajan emphasizes that India should focus on addressing issues like income inequality, education, infrastructure development, and social challenges to strengthen economic growth and boost its position on the global stage.
- While Rajan's prediction might indicate a conservative outlook, it serves as a reminder of the importance of sustained economic reforms and holistic development strategies for India's future growth potential.
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