India can become 3rd largest economy in 4-5 years but increasing per capita income also important: Rangarajan
In Chennai, the former RBI Governor Dr. C. Rangarajan has stated that India has the potential to become the third-largest economy in the world in four or five years. However, he emphasized the importance of increasing per capita income and eliminating poverty in the country.
Rangarajan, who is currently the Chairman of the Madras School of Economics, expressed his optimism about India’s growth prospects, citing the slow growth of developed economies. He highlighted the need for India to focus on eliminating poverty and increasing per capita income, stating that Indian per capita income must grow by about five times to reach that of developed economies.
Regarding India’s recent overtaking of the UK to become the fifth-largest economy, Rangarajan cautioned against comparing the two countries due to their vastly different sizes. He emphasized that while India may become the third largest economy in the next few years, the goals should be different.
During the launch of the five-year Fellow Programme in Management (FMP) at Great Lakes Institute of Management, Rangarajan emphasized the importance of higher educational institutions increasing their knowledge stock through research. He also called for the introduction of research programmes in all disciplines, not just marketing.
Supporting Rangarajan’s views, Dr. Suresh Ramanathan, Dean and Principal of Great Lakes Institute, emphasized the role of academia in building a knowledge base and highlighted the impact of research in shaping industry practices globally.
Rangarajan’s insights shed light on India’s economic potential and the importance of research in driving impactful change, reflecting a broader discussion on the country’s growth trajectory and educational priorities.
