India may now be the world’s fourth-largest economy, but that is no reason to celebrate, says former Reserve Bank of India Governor Duvvuri Subbarao. In a measured and penetrating conversation, he warns that India’s economic rise masks deep vulnerabilities. Unless growth becomes more inclusive, job-rich, and structurally sound, the dream of a “Viksit Bharat” by 2047 may slip out of reach.The country’s GDP, currently around $3.7 trillion, has edged past Japan and is on course to overtake Germany. But Subbarao flags India’s low per capita income to argue that size alone is misleading. “We’re a large economy because we have a large population. But we’re still a poor country,” he says. “Only when we reduce poverty meaningfully will there be a cause for celebration.”
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