India has nano demographic window to achieve developed country status: Fin secy

India has a nano demographic window to achieve developed country status, and if it misses, it may not reach there, Union Finance Secretary T V Somanathan said on Saturday.

The country has to grow at a rate of 8-8.5 per cent to reach developed countrystatus, he said at an event here.

“In the first decade of this century, China grew at approximately 9.5 per centper 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 ofpeople make is that we have nano demographic window in which to achieve developed country status, and if we dont 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 thecentury, 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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