India has the potential to become world’s second largest economy, says World Bank ED Subhash Garg

Jul 31, 2015 - 11:25 pm EDT @theindpanorama United States 0

World Bank Executive Director Subhash Chandra Garg spoke on the subject of India's Growth and Development, Multilateral Agencies and the Indian Diaspora

NEW YORK CITY, NY (TIP): India has the potential to become a multi-trillion dollar economy with a per capita income of about$40,000 by 2050 if it manages to grow at seven per cent annually for the next 30-35 years, World Bank Executive Director for Bangladesh, Bhutan, India and Sri Lanka Subhash Chandra Garg said while addressing the audience at the Indian Consulate in New York, July 27.

The Consulate General of India, New York and the renowned NGO Jaipur Foot collaborated in hosting an interaction with the Executive Director of the World Bank.

The NGO Jaipur Foot presented a short video to introduce the audience to their efforts and then members of their team, including Jaipur Foot USA Chairman; Prem Bhandari (who spoke in Rajasthani), as well as Youth Coordinator; Vibhor Dhadda, addressed the gathering. The Consul General Dnyaneshwar Mulay made brief remarks to welcome Garg and inform the audience about the Consulate’s activities.

Subhash Garg, addressed the audience on the topic: India’s Growth and Development, Multilateral Agencies and the Indian Diaspora. He spoke at length about the economic reforms in India and the changes and initiatives he believed were needed to catapult India into the world’s second largest economy by the year 2050. “If we can manage to grow at seven per cent for the next 35 years, we will not only be the second largest economy in the world at that time but we will be prosperous and people will be rich enough. But it’s very difficult to maintain the rate. It needs to transform the way we manage our economy,” he said.

Subhash Chandra Garg (left) and Consul General Mulay during question answer session

He stressed that it is a ‘tough job’ as India will have to transform its agriculture completely, get people out of agriculture and use them in the manufacturing and services sectors, and give a boost to health care and tourism.

He also spoke about the involvement of multilateral agencies such as the World Bank in furthering the development of India as well as the importance of furthering India’s service industry and infrastructure.

Garg also mentioned the significance of the Indian Diaspora in India’s economic development and the importance of foreign markets in providing employment to Indian nationals.

The talk was followed by a question answer session. in reference to his speech as well as related topics. A lively discussion followed on several subjects related to India’s growth path and factors that would contribute towards it.