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A sustainable high-economic growth of 8-9 per cent and specific interventions are essential to achieve inclusive development in the coming decade, said C Rangarajan, Former Chairman, Prime Minister’s Economic Advisory Council.
He was delivering a special address at an event organised by the Triplicane Cultural Academy and the Kasturi Srinivasan Library here on Friday.
Stating that the economic growth had slowed down in the recent years, the former RBI Governor asserted that there should be a two-fold path of accelerating economic growth and alleviating poverty by mounting programmes that help the poor and vulnerable sections of society.
“We can’t be satisfied with a single track, and there must be a strong combination,” he said.
Crucial decadeHe felt that the coming decade would be crucial for India. “Only if India grows at the rate of 8-9 per cent per annum by 2030, will India’s per capita GDP grow from the current level of about $1,800 to $8,000. Only then will India graduate to become a truly middle-income country,” he highlighted.
Discussing the journey of India’s economic reforms with Mukund Padmanabhan, Editor, The Hindu , Rangarajan also indicated that the pattern of growth is also vital. If agriculture improves faster, it helps a larger percentage of people in the country.
He was also trying to drive home the point that higher economic growth will have an impact on social development in two ways — a trickle-down effect will provide gains to all and also improve the resources of the government.
“The government will, therefore, be in a position to focus on specific programmes aimed at reducing poverty and improving conditions of the vulnerable.”
He said the past higher economic growth period saw launch of many important poverty reduction schemes such as employment guarantee programmes and food security.
He also mentioned future reforms that would aid higher economic growth in the country.
Those included GST, Land Bill, pricing of natural resources, and reforms in agriculture and governance.
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