Hyderabad: Telangana needs to grow at 8-9 per cent annually to become a USD 3 trillion economy by 2047, former RBI Governor Duvvuri Subbarao said here on Tuesday.
Speaking at the launch of the Telangana Rising 2047 Vision Document, Subbarao said that economic growth cannot be sustained unless its benefits are widely shared.
“The government must pursue inclusive growth, which means the benefits of growth must reach the poorest person in Telangana, to the farthest point in the state,” he said.
“Today, the GSDP of Telangana is about Rs 16.7 trillion, which roughly translates to USD 250 billion. We are USD 250 billion today; we have to reach USD 3 trillion in 22 years, which means multiplying the GSDP 15 times. Simple arithmetic shows the state must grow at about 8 to 9 per cent, perhaps even faster. That’s a tough and challenging goal, difficult but not impossible,” Subbarao said.
The former RBI chief stressed the importance of skilling, noting that it cannot be achieved by the government or the private sector alone. “Skilling has to be done under a public–private partnership model,” he said.
He added that politicians often do not prioritise education and health because these sectors do not yield immediate results, and democratic compulsions tend to force short-term thinking.
Mahindra Group Chairman Anand Mahindra also spoke at the event.
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