India Should Prioritise Education & Healthcare For Development By 2047: Raghuram Rajan

Kolkata, Jan 27 (KNN) Education and healthcare will play a pivotal role in India's journey towards becoming a developed economy by 2047, said former RBI governor Raghuram Rajan on Friday.

Speaking at the Kolkata Literary Meet, Rajan underscored the country's impressive average growth rate of 6 per cent over the past 25 years.

Highlighting the necessity for governance reforms, Rajan stressed the significance of building a robust foundation through a dedicated focus on education and healthcare.

“At a growth rate of seven per cent, India's per capita will grow from the current USD 2,400 to USD 10,000 in 2047, which will put the country in the low middle-income bracket,” he said.

Expressing concern over the diminishing demographic dividend after 2050, Rajan emphasised sustained growth through prioritising education, healthcare, and governance reforms.

He called for a balanced approach across all societal segments, noting the current consumption growth disparity among different income levels.

During the launch of his co-authored book, 'Breaking the Mould: Reimagining India's Economic Future' with economist Rohit Lamba, both Rajan and Lamba underscored the importance of India's shift towards producing high-value products.

They emphasised fostering research to support entrepreneurs in capturing the high-end value-creation trajectory.

Rajan also advocated for the decentralisation of education, emphasising a "bottom-up growth" approach.

(KNN Bureau)