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Many consider India as the fastest growing large economy in the world but Raghuram Rajan , RBI Governor, chooses to remain cautious on India's growth story. “As a central banker who has to be pragmatic, I cannot get euphoric if India is the fastest growing large economy,”; he said on Wednesday.
India's current growth certainly reflects the hard work of the government and the people of the country, but the country have to repeat this performance for the next 20 years before every Indian gets decent livelihood, Rajan said.
“The central and state governments have been creating a platform for strong and sustainable growth, and I am confident the payoffs are on their way, but until we have stayed on this path for some time, I remain cautious.”
Rajan said India is the fastest growing large country in the world, though with manufacturing capacity utilization low at 70% and agricultural growth slow following two bad monsoons, India's potential is undoubtedly higher.
Rajan also commented on comparing India with China. He said Chinese economy, which was smaller than ours in the 1960s, is now five times our size at market exchange rates. The average Chinese citizen is over four times richer than the average Indian. “The sobering thought is we have a long way to go before we can claim we have arrived.”