26/01/2024
"If we don't grow faster, we will grow old before we grow rich" - Raghuram Rajan, Ex-RBI Governor.
Rather than hastily criticizing Raghuram Rajan, let's consider his perspective.
Mathematics is an unbiased, objective truth. It doesn't take sides.
Our current GDP is on the verge of reaching 4 trillion USD, and our per capita GDP stands at 2,415 USD, according to the 2022 data by the World Bank.
Projected per capita GDP at various growth rates through 2047, with corresponding countries at those levels today:
| 6% | 10,000 | Brazil, Turkey
| 7% | 12,800 | China, Malaysia
| 8% | 16,300 | Russia, Chile, Romania
| 9% | 20,700 | Poland, Greece
| 10% | 26,300 | Portugal, Oman, Spain
| 11% | 33,300 | South Korea, Japan, Italy
| 12% | 42,300 | UK, France, Kuwait
| 13% | 53,700 | UAE, Israel, Netherlands
If we aspire to achieve the impossible, that's exactly what we should aim for. Achieving a growth rate of 10+% for a sustained period of 20-25 years might seem unimaginable, but let's not limit ourselves here. We should hold our governments accountable for this. To join the ranks of South Korea, Japan, the UK, France, Israel, Netherlands in the next 20-25 years, we may need to accomplish something unprecedented in history.
Let's embrace this challenge and strive for greatness. In doing so, we can prove Dr. Raghuram Rajan wrong. It will be a win-win for everyone (including him). Let's aim high and work towards our goal.
Happy Republic Day to all. 🧡🤍💚
