India must grow at a rate of 7-8 percent annually to achieve developed nation status by 2047, according to C. Rangarajan, former RBI Governor. He emphasized that India's per capita income needs to reach $13,000 by then. Rangarajan highlighted that innovation alone cannot address poverty and inequality. He suggested that along with faster economic growth, social safety nets like subsidies and basic income may be necessary.
Rangarajan explained that India's per capita income, currently at $2,700, needs to increase fivefold. He noted that maintaining a lower exchange rate or managing inflation could help achieve this target. Rangarajan made these remarks during the ICFAI 13th Foundation Day Lecture, where Raghunath Anant Mashelkar, former Director General of CSIR, also spoke.
Rangarajan emphasized the role of technology in economic growth, stating that it has historically driven development in developed countries. He stressed the importance of inclusive innovation, which provides affordable goods and services, particularly for disadvantaged populations.
Mashelkar echoed Rangarajan's sentiments, stating that inclusive innovation could help address inequality and create sustainable livelihood opportunities. L S Ganesh, Vice Chancellor of ICFAI, highlighted the potential of innovation to combat global inequality.
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