Raghuram Rajan also suggested that India should be careful to avoid economic isolation and focus more on self-confidence.
India should aim for “an inclusive and sustainable ten billion dollar economy by 2035” and the target will guide the coming decades, former Reserve Bank of India Governor Raghuram Rajan suggested.
It requires “8% growth per year in real terms” and can be achieved through an inclusive agenda, Mr Rajan said, setting out a roadmap for the national development agenda. in an article co-authored by economist Rohit Lamba and published in The Times India.
“The government’s ‘motto’ The $ 5 trillion economy by 2024 is a step on the agenda. It is simple and has a precise schedule. However, this has a major problem – it cannot be achieved even if the pandemic is not involved. As 2024 comes and goes, we must recreate the slogan with some changes; “An inclusive and sustainable economy of ten trillion dollars by 2035” is an ambitious goal (which really requires growth of 8 percent a year), but achievable, “said Mr Rajan.
To reach the $ 10 trillion economy goal by 2035, the leading economist believes that India must have an inclusive agenda that includes minorities, marginalized and socially disadvantaged groups. .
“We must not leave minorities, marginalized and socially disadvantaged groups, because otherwise we will keep the two socially weak groups behind, otherwise we will maintain social division and economic stagnation. And sustainable, because we cannot afford to harm our environment without harming the environment in harmful ways, ”he wrote. Mr. Rajan, who now teaches at the Booth School of Business at the University of Chicago, also called for building India’s national pride in economic success instead of using nationalism as the sole integrative force.
With a strong economy, India will spend more to protect the country, and other countries will also seek India’s favor, while economic growth will also help project India’s soft power and values. Designed worldwide.
“Equally important, a national agenda that joins joint efforts for inclusive sustainable growth can stir up people’s blood and lead them to great action. India needs a comprehensive national focus on raising living standards that will make India strong, not as strong as to want to impose on others, but to protect India’s sovereignty, democracy, cultural values and diversity in the face of external threats and from within, “he added.
Mr Rajan emphasized the importance of national unity and warned that foreign powers could benefit from India’s internal divisions. “Unfortunately, our constant division based on religion, caste, and language is re-emerging today. The reasons for this division are in part economic.”
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Raghuram Rajan also suggested that India should be careful to avoid economic isolation and focus on self-confidence and economic relations with many countries, so many countries are interested in prosperity. in India.