Ex-RBI Governor Subbarao: India's 2047 Developed-Nation Goal Faces Tough Growth Reality

• India needs unprecedented 8%+ annual growth for 22 years to reach developed status by 2047, a feat rarely achieved historically.
• Per capita income must rise eightfold from $2,700 to roughly $21,700 to meet developed-country benchmarks.
• Weak private investment, lagging job creation, and household income growth are key constraints despite strong macro performance.
• Structural issues in public sector banks, exacerbated by dominant government ownership, hinder credit efficiency and reform.
• Subbarao emphasizes that developed status is about widely shared growth benefits, not just numbers, warning against unsustainable growth.

Why It Matters: India's 2047 developed-nation dream requires sustained 8%+ growth, banking reform, and equitable job creation.