16th Finance Commission Chairman Arvind Panagariya
To make India a developed country by the year 2047, the country’s per capita income needs to be increased from 7.3 percent to US $ 14,000 in the next 24 years. According to PTI news, 16th Finance Commission Chairman Arvind Panagariya says this. Panagariya said on Saturday that India’s goal of becoming a developed nation by 2047 is a real ambition. India’s per capita income in terms of dollars in 2023-24 is around US $ 2,570, which is much lower than South Korea, Taiwan, United States and other European countries.
Will have to reach US $ 14,000
According to the news, speaking on the 49th Civil Accounts Day, Panagariya said that with the current technology, proper capital accumulation and skill acquisition, India has a lot of scope to reach the per capita income of developed countries and meet the World Bank’s annual definition of US $ 14,005 per capita income. Today, our per capita income in dollars is around US $ 2,500. To reach US $ 14,000 in 24 years or by 2047–48, what growth rate I need for per capita income.
Population in India
According to United Nations estimates, the population in India will increase by 0.6 percent by 2050. This would mean that in order to achieve a 7.3 percent increase in per capita income, India’s GDP will have to increase at a rate of 7.9 percent over the next 24 years. He said that our growth rate (in terms of actual dollars) has been 7.8 percent for the last 21 years. It is completely possible to reach 7.9 percent from 7.8 percent (GDP growth).
Employment issue
Panagariya said that India needs to make necessary reforms, so that the labor-dominated industry can be emerged on a large scale, so that good employment can be generated for the general public. He said that if you look, there is definitely good employment for very skilled people. We have pharmaceutical industry, machinery industry. You have got employment. But when it comes to the general public, I think there is an issue of employment. On the question whether the time has come for India to move towards capital account convertibility, Panagariya said that the India is managing the exchange rate and it has provided good service to the country.
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