India's Developed Nation Dream: Realistic, Achievable

WB official stressed need to create more jobs in manufacturing, tourism, and green industries

- Rhik Kundu

India's goal of becoming a high-income, developed nation by 2047 is realistic but requires overcoming challenges, Auguste Tano Kouamé, the World Bank's country director for India, told Mint. While the target may seem ambitious, historical trends and planned structural reforms make it achievable, Kouamé said.

Speaking in an exclusive interview, Kouamé, who took on his current role in August 2022, said there will be years when India grows at less than 7.8%, and there will be years when it exceeds that mark.

The key to achieving this long-term goal is ensuring that periods of high growth compensate for slower years, ultimately maintaining an upward trajectory, he added.

"Yes, it is realistic and achievable," he said of India's ambition.

"Remember that in the past 25 years, India has achieved a 6.3% average growth rate despite big shocks. In the past several years, India has been the fastest-growing large economy. This is a big achievement."