We may be poor despite becoming 3rd-largest economy: D Subbarao

RBI ex-Governor D Subbarao said there's no reason for celebration even if India becomes world's third-largest economy by 2029, as envisaged by PM Narendra Modi, as India may still be poor. Citing Saudi Arabia, Subbarao said becoming a rich country doesn't necessarily mean becoming developed. "People are factor of production. So we're large economy because we have people," he added.