Former Reserve Bank of India Governor, Duvvuri Subbarao, recently expressed concerns about India’s projected economic ascent to the world’s third-largest economy by 2029. Highlighted during discussions on India’s economic prospects under Prime Minister Narendra Modi’s vision, Subbarao emphasized that this growth might not overcome the underlying poverty issues.
He compared India’s situation with Saudi Arabia, noting that a large economy does not necessarily reflect a developed country. “The size of an economy isn’t the same as quality of life,” he said, pointing out that India’s significant population boosts its economic status but doesn’t guarantee prosperity for all.
Subbarao’s insights urge a closer look at economic development to ensure it benefits all Indians.
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