India on Track to Become 3rd Largest Economy, But Still Faces Major Development Challenges: Ex-RBI Governor

• India may become 3rd largest economy by 2029, but will still be a poor country with low per capita income, says former RBI governor Subbarao

• Subbarao cites Saudi Arabia as an example that becoming a rich country does not necessarily mean becoming a developed nation

• Even as 5th largest economy now at $4 trillion, India has per capita income of just $2,600, putting it at 139th globally

• To become developed, India needs rule of law, strong state, accountability and independent institutions according to Subbarao

• Subbarao recalls PM Modi's goal for India to become a developed nation by 2047