Underlining the need for pump-priming the economy by intensifying reforms and trimming subsidies, Prime Minister's Economic Advisory Council Chairman C Rangarajan on Monday said if India grew at 8 to 9 per cent each year, per capita gross domestic product (GDP) would rise to $10,000 by 2025.
He said that if this growth rate was achieved "then India will also transit from being a low income to a middle income country".
The eminent economist and former RBI governor was speaking on the subject “Indian Economy: Immediate Challenges and Medium Term Concerns” while delivering a lecture on NALCO's foundation day.
He emphasised the need to overcome the current low growth phase as quickly as possible.Rangarajan said that growth is the answer to many of the country's socio-economic problems plaguing the country and several schemes aimed at broadening the base of growth had been launched recently.
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