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. Youtube videoЁЯСЗ Somanathan later clarified, in response to participants' questions, that he was speaking in his personal capacity. In response to a query regarding the...