India becoming $5 trillion economy by 2025 ‘simply out of question’: Ex-RBI Governor C Rangarajan
New Delhi: Claiming that India will need another 22 years of sustained growth to become a “developed country,” former Reserve Bank of India (RBI) governor C Rangarajan said on Thursday that at the current growth rate, India becoming a USD 5 trillion economy by 2025 is “simply out of question.”
“The interesting thing is, even if you reach USD 5 trillion, the per capita income in India will grow from the current level of USD 1800 to USD 3600. Even then, India will be called low-middle income country,” said the economist who was awarded the Padma Vibhushan in the year 2002.
“In order to become a high middle income country, the per capita income has to USD 3800 which will take another few years… The definition of a developed country is one whose per capita income is USD 12000. It will take 22 years for India to grow at 9 percent per annum to reach there. The task before us is highly daunting. We need to get out of the current slowdown as quickly as possible,” he told the gathering at Ahmedabad Management Association (AMA).
Pointing out the Indian economy grew “far short of expectations” at 3.5 percent annually for the first 40 years after the country’s independence, Rangarajan said the annual average growth rate improved in the 1990s to 6.8 percent, especially after liberalisation in 1992-93. “The highest rate of growth that we have seen in India, is between 2005-06 and 2007-08, when the annual average rate of growth of the economy was 9.4 percent… In 2008-09, the growth rate fell down because of the international financial crisis. But in 2009-10 and 2010-11, once again the growth rate picked up and went beyond 8 percent,” he said.
Stating that the economy was currently experiencing “slowdown”, the veteran economist said the economic growth has slowed down from 8.2 percent in 2015-16 to 6.8 percent 2018-19.
“So the economy has declined even as per the new series of data… If you look at the quarterly data of 2017-18, the growth in fourth quarter was 8.1 percent, and as per the first quarter of 2019-20, the growth has come down to 5 percent. There is no doubt about the fact that the Indian economy has slowed down and it is a matter of concern,” Rangarajan said adding that economic growth during the current year will not be more than 6 percent.
Claiming that the government could increase its expenditure as one of the measures to prop up the economy, he said the scope of government implementing is limited as “many of the revenue projections made in the Union budget may go wrong.” He said Goods and Services Tax was not providing “enough revenue” as projected earlier. Stating that both long term and short term measures are needed, he said disinvestment can help in providing funds to the government to a certain extent. Increasing FDI and exports can also help to tide over the crisis,” he added.
Courtesy: indianexpress.com
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Passing out parade held at IMA Dehradun, 491 young officers join Indian Army
Dehradun(PTI): After undergoing rigorous training at the Indian Military Academy (IMA) in Dehradun, 491 cadets participated in a grand Passing Out Parade on Saturday and will now be commissioned as officers in the Indian Army.
The spectacular parade, held at the historic Drill Square in front of the academy's Chatwood Building, was reviewed by Army Chief General Upendra Dwivedi, who served as the reviewing officer.
Along with 491 Indian cadets, 34 foreign cadets from 14 friendly countries also participated in the Autumn Term 2025 Passing Out Parade.
A total of 525 officer cadets from the 157th Regular Course, 46th Technical Entry Scheme, 140th Technical Graduate Course, 55th Special Commissioned Officers Course, and Territorial Army Online Entrance Exam 2023 Course participated in the Passing Out Parade.
The 'Sword of Honour' and gold medal for securing first place during training was awarded to ACA Nishkal Dwivedi, the silver medal to BUO Badal Yadav for second place, and the bronze medal to SUO Kamaljeet Singh for third place.
The silver medal for securing first place in the 'Technical Graduate Course' was awarded to Officer Cadet Jadhav Sujit Sampat, and the silver medal for first place in the 'Technical Entry Scheme-46' was awarded to WCC Abhinav Mehrotra.
The silver medal for the 'Special Commission Officer Course' was given to Officer Cadet Sunil Kumar Chhetri.
Among the foreign cadets, the first place in merit was secured by JUO Mohammad Safin Ashraf from Bangladesh. The Army Chief's Banner for overall best performance in the Autumn Term was awarded to Imphal Company.
As the parade concluded, helicopters showered flowers on the newly commissioned officers from the sky.
On this occasion, General Dwivedi congratulated the new officers in his address for successfully completing their training. He praised the young officers for their high level of discipline, leadership qualities, and endurance, and urged them to uphold the glorious traditions of the Indian Army and serve the nation with loyalty, commitment, and honour.
General Dwivedi said that joining the army marks the beginning of a lifelong duty and selfless service.
The parents and guardians of the newly commissioned officers were also present during the passing out parade.
