Posted 12/17/2023, 5:00:00 AM
India Risks Getting Old Before Getting Rich, Warns Raghuram Rajan
- India will remain a lower middle income economy by 2047 if growth rate stays at 6% annually, according to Raghuram Rajan
- At 6% annual growth, India's per capita income will only reach $10,000 by 2047
- Some southern states already have below replacement fertility rates, slowing population growth
- Without faster growth, India may "grow old before it grows rich"
- Current pace of growth not enough to employ all entering the workforce or make India richer before it gets older demographically