The words of Dr Rangarajan and his prediction about the growth of the Indian economy over a period of more than a decade cannot be set aside as the economy needs a lot of measures to enhance the per capita income to be on par with advanced and developed nations. The achievement of $5trillion economy as he rightly put , itself is impressive and the Government deserves all kudos for having put the economy on fast track of growth. However, the inequality level has been widening and the concentration of wealth with a few at the cost of majority does not seem augur well and the so called welfare for all will turn out to be a mirage if timely measures are not put in place to lessen the gap between the rich and the poor with fair distribution of wealth through fiscal and monetary policies. The lessening of inequality can prove to be a boost to the economy and the objectives of fast growth of the economy and enhancement of per capita income within the expected time schedule can be comfortably met for the satisfaction of the Government and happiness of the people all around. Readiness with action is all that matters.
T V G Krishnan
( Modified version of this comment in response to Dr Rajan's article appeared in Business Standard on 24th Dec.2022).
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