'India may take 75 yrs to reach one-qtr of US income per capita'

More than 100 countries, including India, face serious obstacles in becoming high-income countries in the next few decades, and New Delhi may take nearly 75 years just to reach one-quarter of US income per capita, a World Bank report said.

- 

It will take China more than 10 years to reach one-quarter of US income per capita and Indonesia nearly 70 years, according to the World Development Report 2024: The Middle Income Trap.

Drawing on lessons of the past 50 years, the report finds that as countries grow wealthier, they usually hit a "trap" at about 10 per cent of annual US GDP per person - the equivalent of $8,000 today.

That's in the middle of the range of what the World Bank classifies as middle-income countries.