Being the 5th largest economy 'impressive,' but per capita income must also rise, says ex-RBI Governor https://www.deccanherald.com/business/being-the-5th-largest-economy-impressive-but-per-capita-income-must-also-rise-says-ex-rbi-governor-2689078 16 September 2023 Rangarajan said post Covid-19 and the Russia-Ukraine war, there is a need to lay down a clear roadmap for India’s future development and the first and foremost task is to raise the growth rate.... In 2020, India’s rank with respect to per capita income was 142 out of 197 countries. According to calculations, he said, if the country achieves a seven per cent rate of growth continuously over the next two decades and more, it will make a substantial change to the level of the economy and India may almost touch the status of a developed economy. India needs to absorb the new technologies.. though the new technologies may lower the employment elasticity with respect to output