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Union Finance Secretary T V Somanathan has said that India has a nano demographic window to achieve developed country status, and if it misses, it may not reach there. The country has to grow at a rate of 8-8.5 per cent to reach developed country status.

He mentioned ‘There are two widely held views about India in the next two quarters of the century, 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.’

Besides, he stated in the first decade of this century, China grew at approximately 9.5 per cent per annum and similar growth rates were witnessed in countries like South Korea and Taiwan.