WE SHOULD NOT JUST CUT-PASTE WHAT ADVANCED ECONOMIES HAVE DONE
THE WEEK India|August 25, 2024
Krishnamurthy V. Subramanian has several titles you are free to choose from-the regular 'Mr' to 'Er' for his engineering degree from IIT Kanpur to 'Dr' for his doctorate in financial economics from the University of Chicago Booth School of Business, or the one he seems to personally prefer, 'Prof' from his academic days at the Indian School of Business in Hyderabad. Subramanian, however, would brook no argument on India's prospects of becoming a global economic leader by 2047.
K. SUNIL THOMAS
WE SHOULD NOT JUST CUT-PASTE WHAT ADVANCED ECONOMIES HAVE DONE

He does have a little more than an ordinary citizen's stake in it, having been instrumental in formulating the 'Atmanirbhar Bharat' and 'Vocal for Local' restructuring of India's economic policy during his days as the chief economic adviser. He followed this up with the longer-term 'Amrit Kaal 2047' blueprint for India becoming a developed nation.

It is also the foundation for his new book, India @100; Envisioning Tomorrow's Economic Powerhouse (Rupa). Currently executive director at the International Monetary Fund, Subramanian espouses his fervent belief that India is all set to grab this 'once-in-a-few-centuries' opportunity. Excerpts from an interview:

Q You have painted such a rosy picture of India's future in your book, like its GDP touching $55 trillion in 2047.

A. This outcome hinges on whether we can grow at 8 per cent from now on till 2047. Of course, I have portrayed other scenarios as well. Even if we grow at 7 per cent, we will be $40 trillion and, if we grow only at 6 per cent, we will still be $30 trillion.

If some risks manifest it is possible that growth may be lower. Eight per cent is ambitious but achievable especially given the demography we have, the kind of policies that have been implemented over the past 10 years, the public digital infrastructure, the innovation and the entrepreneurship.

Also, anywhere between twothirds to three-quarters of our economy is informal, and informal sector firms are far less productive than formal sector firms. So the emphasis on formalisation that is happening through the public digital infrastructure will be a key driver of productivity improvement.

And for the first time, we have entered the top 40 innovative countries list. So these will drive productivity improvements in the formal sector as well. When you put it all together, there are potential headwinds and potential tailwinds.

هذه القصة مأخوذة من طبعة August 25, 2024 من THE WEEK India.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة August 25, 2024 من THE WEEK India.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE WEEK INDIA مشاهدة الكل
Hat-Trick Or Has-Beens?
THE WEEK India

Hat-Trick Or Has-Beens?

India look to win their third straight Test series in Australia, but ageing superstars and recent humiliation at home have cast a shadow on their hopes

time-read
6 mins  |
December 01, 2024
Constipation Can Put Your Heart At Risk
THE WEEK India

Constipation Can Put Your Heart At Risk

PEOPLE WITH CONSTIPATION have an increased risk of major cardiac events, including heart attack, stroke and heart failure, especially if they also have high blood pressure, finds an international study published in the American Journal of Physiology-Heart and Circulatory Physiology.

time-read
1 min  |
December 01, 2024
Too Much Sitting Can Accelerate Ageing
THE WEEK India

Too Much Sitting Can Accelerate Ageing

SITTING FOR EXTENDED PERIODS can harm the heart and accelerate ageing, even if you are young and get the minimum recommended amount of daily exercise, according to a US study published in the journal PLOS One.

time-read
1 min  |
December 01, 2024
Efficiency and innovation
THE WEEK India

Efficiency and innovation

As health care evolves, professionals must employ innovative methods to refine their skills

time-read
2 mins  |
December 01, 2024
Level up
THE WEEK India

Level up

Only 30 per cent of needy patients are able to undergo transplant in India; we need more dedicated transplant centres

time-read
2 mins  |
December 01, 2024
HOPE STEMS FROM A CELL
THE WEEK India

HOPE STEMS FROM A CELL

While stem cell therapies have shown success in treating blood disorders, orthopaedic ailments, autoimmune diseases and eye issues, there is hope that they can one day treat patients with heart disease, blindness, Parkinson's, HIV, diabetes and spinal cord injuries

time-read
10+ mins  |
December 01, 2024
Mind matters
THE WEEK India

Mind matters

Your mindset can limit or expand your physical ability

time-read
3 mins  |
December 01, 2024
Cutting edge
THE WEEK India

Cutting edge

Would you go under the knife if a robot was the one holding it? Or would you say, \"No way, I need a human touch\"? You might have to decide soon because a robot that can imitate skilled human surgeons is already here.

time-read
1 min  |
December 01, 2024
The smallest cut
THE WEEK India

The smallest cut

Minimally invasive surgeries have a bright future, with virtual reality and 3D procedures offering greater precision and AI on the horizon

time-read
4 mins  |
December 01, 2024
Signalling a revolution
THE WEEK India

Signalling a revolution

Canadian scientist and entrepreneur Sachdev Sidhu is focused on bringing cutting-edge antibody engineering to his country of origin

time-read
7 mins  |
December 01, 2024