Posted 12/17/2023, 12:23:04 PM
India's Growth Rate Too Slow to Reach High Income Status by 2047: Raghuram Rajan
- India will remain lower middle income economy till 2047 if growth rate stays at 6% annually, says Raghuram Rajan
- At 6% annual growth, India's per capita income will only reach $10,000 by 2047, still in lower middle income category
- Some southern states already have fertility rates below population replacement rates
- Current economic growth not fast enough to provide jobs for all entering workforce
- RBI has raised India's GDP growth forecast for 2023-24 to 7% from 6.5% earlier