India 2047: Prime Minister Narendra Modi has set a target of making India a developed country by 2047, the 100th year of independence. If India has to achieve this target then it will have to maintain a growth rate of 7 to 8 percent. Former Governor of Reserve Bank of India (RBI) C Rangarajan on Tuesday expressed his views towards the goal of developed India. He said that with this growth rate we will be able to take the per capita income to 13 thousand dollars.
Subsidy will also have to be arranged for social security.
Rangarajan, former chairman of the Prime Minister's Economic Advisory Council, said that innovation cannot be the only way to eradicate inequality and poverty. The country will have to achieve faster growth rate. Besides, subsidy arrangements will also have to be made for social security. He said that a growth rate of 7 to 8 percent will bring India closer to being developed. At present India's per capita income is around $2700. We have to take it to 13 thousand dollars. We have to increase per capita income by 5 times.
Will have to keep an eye on dollar rate and inflation
According to Rangarajan, if the exchange rate remains low and prices go up then income will increase. With this, India's journey towards becoming a developed country will continue to progress. The country's growth rate will continue to strengthen due to the value of the dollar and inflation. He said that India's economic growth rate has strengthened on the basis of innovation in technology. Economists estimate that technology has helped a lot in the economic progress of the country in the last one and a half decade.
Innovation will make goods and services cheaper
The former RBI Governor said that now technology will have to focus on making such innovations so that people of lower income group can get facilities at low cost and everywhere. Goods and services can be made affordable through innovation. Its effects will be visible in the long run.
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