Former RBI governor told- When will India be considered a developed country?

To become a developed country, India's per capita income should be at least $13,205 billion. To reach that point, the country will have to maintain a strong growth rate of eight to nine percent for more than two decades.

Former Reserve Bank of India (RBI) Governor C Rangarajan said on Saturday that India will have to maintain a strong growth rate of 8-9 per cent continuously for more than two decades to get the status of a developed country. Addressing the convocation ceremony of 'ICFAI Foundation for Higher Education' here, Rangarajan said that reaching the size of Indian Economy to five trillion dollars is a near-term aspirational goal. The reason for this is that even in that situation the per capita income of the country would be only $3,472, due to which it would be considered as a middle income country.

When will India be considered a developed country?

He said that even after achieving this ambitious target, it would take two more years for India to become an upper middle income country. He said, 'Apart from this, to become a developed country, India's per capita income should be at least $ 13,205 billion. To reach that point, the country will have to maintain a strong growth rate of eight to nine percent for more than two decades.

Continuous growth of 9 percent is necessary

Rangarajan said that in terms of total production, India is currently the fifth largest economy in the world, which is an impressive achievement in itself. But according to the ranking of the International Monetary Fund, India is at 142nd position out of 197 countries in terms of per capita income. Advising the policy-makers to focus on increasing the pace of growth of the economy, he said, 'The achievement of becoming a five trillion dollar economy is just a near-term aspirational goal. However, to achieve this achievement also, a continuous growth of 9 percent will have to be maintained for at least five years.

Still a long way to go

Rangarajan, who was the former head of the Prime Minister's Economic Advisory Council, said that even after reaching this target, the per capita income of the country will be only $ 3,472 and India will be considered a lower middle income country. He said, 'It is very clear that we have a long way to go. This also shows that we have to run fast.