Former RBI Governor C. Rangarajan said if the country grows at the rate of seven per cent per year for successive two decades or more, then there will be a significant change in the level of our economy. India can also achieve the status of a developed economy. Along with this, he also stressed on equitable distribution of growth and said that the development strategy should be multi-dimensional. He thinks of everything that embodies his perspective more than all exclusive points on bettering the country’s economy.
He called it vital for the country to speed up the adoption of new technologies that have emerged lately and develop skilled workers accordingly. However, he also articulated the possibility of change in the employment scenario due to new technology.
He maintained that there was an urgent need to prepare a clear blueprint for the future development of the country in the backdrop of the end of the COVID-19 pandemic and the Russia-Ukraine war. In this direction, the first and most important task will be to increase the economic growth rate.
His suggestions signify a concern for the practical considerations typically acquainted with our economic conditions. He went all in on the gaze, expressing his particular views equally matching with the required steps. He wants to see equally and promising economic development situations for our better overall standards.
“We have no option but to grow rapidly given the current level of per capita income,” he pointed out.
He also said, “Increased growth should also generate employment. Even employment growth without growth is not endurable. That is why we should target a sustainable economic growth rate of at least seven per cent.”