Former Reserve Bank of India Governor Duvvuri Subbarao cautioned that even if India achieves its goal of becoming the third-largest economy by 2029, as envisioned by Prime Minister Narendra Modi, it may still remain a poor nation. Speaking at a book launch event, Subbarao emphasized that economic growth alone does not guarantee development, citing examples like Saudi Arabia. He recalled PM Modi’s assertion that India would attain this economic milestone before 2029, but Subbarao noted that some economists predict it could happen sooner.