Gurugram, Noida Operating In First-World Economy: Raghuram Rajan

New Delhi, Dec 14 (KNN) Different parts of India are operating at various levels of world economies, such as people in Noida and Gurugram are operating in first-world economy level, said former RBI Governor Raghuram Rajan.

Rajan who is the Katherine Dusk Miller Distinguished Service Professor of Finance at Chicago Booth, said that while the Indian economy is largely playing catch-up, many parts of the economy are operating at "first-world" levels, but many are worse even than third-world.

Speaking at YouTuber Akash Banerjee's The Deshbhakt channel podcast, he said, "Parts of the Indian economy are first world, "further adding, "People in Noida or Gurgaon are essentially operating in a first-world economy." He said that parts of India are worse than third-world or sub-Saharan Africa.

Considering our growth, he said India will become a USD 10,000 per capita economy by 2047, which is still USD 3,000 behind China.

"Our current per capita is around USD 2,500. India cannot become a developed country by 2047 at the current growth rate. We can, at best. reach lower middle income to moderate middle income." said Rajan, adding that India will have to skip the process other countries used.

(KNN Bureau)