India can achieve developed nation status, says Finance Secretary GOI

Chennai, Oct 8, 2022: At the G. Ramachandran Endowment Lecture held on  October 8 with the topic, "Development in Changing Times: The Role of Government Efficiency" which even  the State Finance Minister Dr  Palanivel Thiaga Rajan  attended, Union . Secretary T. V. Somanathan said  that India can become a developed country by 2047 through effective use of its resources and does not need to follow a growth model akin to China or Japan. Mr T. V Somanathan also added there’s no need to panic if India doesn’t grow at a particular targeted rate of growth to be classified as a developed country. The country has to grow at a rate of 8 -8.5 % to reach developed country status.India would need to have  a per capita income of $18000 by 2047 to get the developed appelation.Currently it is only $2300.

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Somanathan later clarified, in response to participants' questions, that he was speaking in his personal capacity. In response to a query regarding the India-UK free trade agreement (FTA), which is unlikely to be completed before Diwali,.India has decided to negotiate FTAs because they are in India's best interests.

He claimed that during the proposed Amrut Kaul (2022 to 2047), the world might see growing trade barriers. He added that it was difficult to predict what the next 25 years might entail. "There is already a movement toward onshore or frontshore, and thirdly, we may witness a strong response to climate change from industrialised nations. In addition, our population is younger than that of sub-Saharan Africa.

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