Former Reserve Bank of India Governor C Rangarajan emphasied on multifaceted development plan for India

While India's rise to the fifth largest economy in the world is a 'great achievement,' former Reserve Bank of India Governor C Rangarajan said on Saturday that the country needs to grow quickly in order to boost per capita income from current levels.

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Rangarajan stated in his talk to the 13th Convocation of the ICFAI Foundation for Higher Education that following Covid-19 and the Russia-Ukraine war, there is a need to put out a clear blueprint for India's future development, with the first and foremost job being to increase the growth rate.

"This is an impressive achievement," he remarked, noting that India is now the world's fifth largest economy. However, when it comes to per capita income, the picture is quite different.

India ranked 142 out of 197 nations in terms of per capita income in 2020. This merely demonstrates how far we have to travel. Nonetheless, given the current level of per capita income, we have no choice but to increase quickly, according to the former chairman of the Prime Minister's Economic Advisory Council.

The former RBI Governor emphasised that the country's development plan must be multifaceted, with strong export and manufacturing sectors. Growth without equity, he believes, is unsustainable.

He emphasised that India must absorb new technologies that have evolved and will emerge, as well as trained labour that is in line with this development, even though new technologies may reduce employment flexibility with respect to production.

Additional growth must result in additional employment. Increased employment without increased growth is not sustainable. That is why, according to Rangarajan, we must aim for at least 7% sustainable growth.

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