We May Cheer, but Can't Celebrate Becoming 3rd Largest Economy: Former RBI Governor Subbarao
In the realm of global economics, the aspiration to climb the ranks and become one of the world's top economies is often hailed as a significant milestone. However, according to former Reserve Bank of India (RBI) Governor D. Subbarao, the vision of India becoming the third-largest economy by 2029 should not be cause for celebration. In a recent statement, Subbarao articulated a sobering perspective on India's economic trajectory, shedding light on the complexities underlying mere GDP rankings. Subbarao's viewpoint challenges the conventional narrative surrounding economic growth and national prosperity. While India's sheer size, with a population of 1.40 billion, propels it into the ranks of the largest economies, the former RBI governor emphasizes that this demographic factor alone does not equate to widespread wealth or development. As he aptly puts it, "We are a large economy because we have people. But we are still a poor country." Drawing attention to...
