A recipe for growth | The Indian Express

A recipe for growth | The Indian Express

Written by Amartya Lahiri |Updated: June 1, 2019 1:30:42 am

The writer is professor of economics, Royal Bank research professor and Johal Chair, University of British Columbia, Canada

A recipe for growth

India should learn from its past, and speed up critical reforms

With an annual population growth of 1.1 per cent and aggregate GDP growth of 6.6 per cent, India’s per person GDP is currently growing at 5.5 per cent annually. (Representational image)

A few numbers are useful to put in perspective the development challenge that India faces today. India’s current gross domestic product (GDP) is around $2.5 trillion while its GDP per person is $2,000. With an annual population growth of 1.1 per cent and aggregate GDP growth of 6.6 per cent, India’s per person GDP is currently growing at 5.5 per cent annually. At these growth rates, India’s per person GDP would be around $19,000 in 2060.