Former RBI Governor Rangarajan says India needs 20 years with 9% growth to be a developed country
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Despite shining as a bright spot in a gloomy global economy, India’s financial landscape is blemished by poverty and inequality, as it has a long way to go before matching up to developed countries. The country has set a target of becoming a $5 trillion economy, while the IMF has said that its growth will further slowdown to 6.1 per cent in FY24, from 6.8 per cent in FY23.