The country has to grow at a rate of 8-8.5 per cent to reach developed country status, he said at an event here.
“In the first decade of this century, China grew at approximately 9.5 per cent per annum and similar growth rates were witnessed in countries like South Korea and Taiwan” Somanathan said.
The finance secretary made the comments while delivering the G Ramachandran Endowment Lecture on ‘Development in Changing Times, the role of government efficiency’ at the Madras School of Economics here.
“The other thing which we often hear and it is an important point that a lot of people make is that we have nano demographic window in which to achieve developed country status, and if we don’t catch this window or if we do not use this window, we may never get there,” he said.
“There are two widely held views about India in the next two quarters of the century, we have to grow at 8-8.5 per cent to get there (developed country status) and if we miss this quarter of a century with demographic dividend, we may be doomed to mediocrity forever,” Somanathan cautioned.
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