Raghuram Rajan Says India Should Focus On Healthcare, Education To Be A Developed Nation By 2047

Rajan shared these insights during the Kolkata Literary Meet, where he unveiled the book 'Breaking the Mould: Reimagining India's Economic Future,' which he co-authored with economist Rohit Lamba

While speaking at the book launch, Rajan also stressed that for India to achieve developed country status by 2047, it is imperative to attain an annual growth rate exceeding 7%

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Former RBI governor and estimate economist Raghuram Rajan said on Friday that India needs to focus more on education and healthcare to become a developed economy by 2047. In addition, he also said that the country needs to achieve an annual growth rate of more than 7 per cent to fulfil this aim.

Rajan shared these insights during the Kolkata Literary Meet, where he unveiled the book 'Breaking the Mould: Reimagining India's Economic Future,' which he co-authored with economist Rohit Lamba.

Rajan made these remarks at Kolkata Literary Meet while launching the book 'Breaking the Mould: Reimagining India's Economic Future', which he co-authored with economist Rohit Lamba.

He emphasised that India has sustained an average growth rate of six per cent over the last 25 years, an achievement not easily attained by any country. Rajan also underscored the importance of governance reforms and emphasised the necessity of focusing on education and healthcare to establish a robust foundation.

While speaking at the book launch, he also stressed that for India to achieve developed country status by 2047, it is imperative to attain an annual growth rate exceeding 7 per cent.

"At a growth rate of seven per cent, India’s per capita will grow from the current $2,400 to $10,000 in 2047, which will put the country in the low middle-income bracket," he said.

Additionally, he spoke about the significance of determining the future direction for India's growth, particularly acknowledging that the demographic dividend the country presently experiences will decline after 2050. Rajan said to sustain the country’s growth, India must prioritise education, healthcare, and governance reforms.

He also highlighted the necessity for well-balanced growth across all segments of society, as the current robust consumption growth is predominantly observed among the upper-income levels.

Both Rajan and Lamba emphasised the significance of India manufacturing high-value products and engaging in research to assist entrepreneurs in seizing the upper end of the value creation trajectory. Rajan also advocated for the decentralisation of education and endorsed the concept of "bottom-up growth."