Akshata Sharma
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Former RBI Governor D Subbarao, in a recent speech, said, "India becoming the world's third-largest economy in 2-3 years may be a cause for cheer but not for celebration."
"Why? Because with a per capita income of $2,700, we're one of the poorest countries globally," Subbarao said.
"By some estimates, we've more poor people in the country than the entire continent of Africa," he added
Subbarao was speaking at a book launch programme where he, citing Saudi Arabia, said that becoming a rich country does not necessarily mean becoming a developed nation.
This low per capita income underscores the disparity between overall economic size and individual wealth, indicating that many citizens still experience significant poverty despite the country's economic growth.
