$10 Trillion Economy Goal By 2035 “Ambitious” But “Achievable”: Raghuram Rajan
India should aim for a “ten trillion dollar inclusive and sustainable economy by 2035” and the target could be the guiding light for the next decade, suggests former RBI governor Raghuram Rajan.
This would require “8% growth in a year in real terms” and can be achieved through an inclusive agenda, said Mr. Rajan, an article co-authored with economist Rohit Lamba and published in The Times of India. Advocated for a roadmap for the national development agenda.
“The government’s slogan ‘A five trillion dollar economy by 2024’ was a step toward this agenda. It was simple and had a definite timetable. It had a significant problem, however—it was impossible, even if the pandemic struck. Wouldn’t have intervened. While 2024 will come and go, we should re-clarify the slogan with some modifications; an ambitious target (in real terms, a ten trillion dollar inclusive and sustainable economy by 2035), Mr. Rajan said. Requires an increase of about 8 percent a year) but is achievable.
To achieve the target of $10 trillion economy by 2035, the renowned economist believes that India should have an inclusive agenda that includes minorities, marginalized and socially disadvantaged groups .
“We cannot leave behind minorities, marginalized and socially disadvantaged groups, otherwise we will leave both socially disadvantaged groups behind, otherwise we will perpetuate both social divisions and economic stagnation. And by being sustainable, we are environmentally Cannot afford to further damage our environment without affecting it in a disastrous manner,” he wrote.
Mr. Rajan, who currently teaches at the Booth School of Business at the University of Chicago, He also called for building India’s national pride around economic achievements instead of using nationalism as the sole unifying force.
With a strong economy, India can spend more on the country’s defense and other nations will also favor India, while economic growth will also help project India’s soft power and values on the global stage, he suggested.
“Equally important, a national agenda that ignites a collective quest for inclusive sustainable development can stir the blood of people and inspire them to do great things. There is a need for holistic national attention, which will make India powerful, not to impose one’s will on others, but to uphold India’s sovereignty, democracy, cultural values and diversity in the face of threats from outside and inside. .
Highlighting the importance of national integration, Mr. Rajan cautioned that external forces can exploit internal divisions in India. “Unfortunately, our present divisions on the basis of religion, caste and language are getting stressed again today. In part, the reasons for this division are economic.”
Raghuram Rajan also suggested that India should be careful to avoid economic isolation and pay a lot of attention to self-reliance and have economic relations with many countries, which will make many countries take interest in India’s well being.