When it’s about India, we all want to help it to become a developed country and we know that India could do that. India has so much of potential which is still underrated. And now there is a good news about our economy!
What is that good news?
A top World Bank official said that India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 if it manages to grow at seven percent annually for the next 30-35 years.
What did World Bank’s Executive Director for Bangladesh, Bhutan, India and Sri Lanka ‘Mr. Subhash Chandra Garg’ say?
Addressing the Indian-American community at the Indian Consulate, he said that India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 as against the current $2,000 but to achieve that it will have to grow at seven per cent annually for the next 30-35 years.
“If we can manage to grow at seven per cent for next 35 years, we will not only be the second largest economy in the world at that time but we will be prosperous and people will be rich enough”.
He also said that achieving and sustaining a seven per cent growth rate for 35 years is “very difficult” and “would require a lot of transformation in the way we manage our economy”.
What suggestions did he lay down for the growth?
He acknowledged that the Indian government’s push on manufacturing through its ‘Make in India’ initiative is required to boost the sector in the country and contribute to economic growth.
“We will need to produce for us and manufacturing will be a story which requires another transformation,” he said adding that a much bigger concentration and necessity will be to boost the services sector.
He also underlined that India will have to transform its agriculture completely, grow its services and manufacturing sectors and give a boost to healthcare and tourism.
Noting the advantage of demographic dividend which India has, he also suggested that there is a need to transform this young population into an extremely productive one.
“We should plan to export one-two million people every year with new skills all over the world,” he said, adding that the government should pursue a policy to equip its young people with training and skills and send them abroad to provide services in various fields.
He noted that the World Bank is working very closely with the Indian government and contributing to making its vision of a strong and prosperous nation a reality.