Former RBI governor warns that India will remain a lower middle-income country by 2047 if the growth rate remains at 6% annually without population rise. The country will reach the end of its demographic dividend and face the burden of an aging population. The per capita income will only quadruple to $10,000 if the current growth rate continues. Some southern states are experiencing a decline in fertility rate, leading to a slower population growth. The current pace of growth is insufficient to employ new labor force entrants and make the country richer before it gets older.