<p>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.<br /><br /></p>.<p>He said that if this growth rate was achieved "then India will also transit from being a low income to a middle income country".<br /><br />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.<br /><br />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.<br /></p>
<p>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.<br /><br /></p>.<p>He said that if this growth rate was achieved "then India will also transit from being a low income to a middle income country".<br /><br />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.<br /><br />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.<br /></p>