Central banks and SDGs: A South Asian perspective

Optimists dream of a future in which South Asia will approach the living standards of the rich Western nations of today in about two decades. For example, India has set itself a goal to become a developed country by 2047, which coincides with the 100th anniversary of its independence.[1] Such optimism relies on the notion of a smooth and sustained convergence in living standards between rich and poor countries. Rapid and sustainable growth is certainly a necessary condition for attaining national prosperity, but not sufficient. Given that global discourse is now dominated by the consensus that holistic development means going well beyond growth, what matters for South Asia’s future is achieving the Sustainable Development Goals (SDGs). Unfortunately, South Asia has fallen far behind in terms of meeting the SDGs by 2030, as a subsequent discussion will highlight. Resolving this challenge will require prudent national policies and a conducive global environment.