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'India needs to grow by 7.6% to be a developed nation by 2047'
The Business Guardian
|July 19, 2023
India has set an ambitious goal of becoming a developed country by 2047, as announced by Prime Minister Narendra Modi on the occasion of India’s 75th year of independence in August 2022.
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A recent article published by the Reserve Bank of India (RBI) titled ‘India @ 100’ discusses the path to achieving this goal. The article suggests that India needs to maintain an average annual real GDP growth rate of 7.6 percent over the next 25 years to attain the per capita income level required for a developed economy. While the task ahead is challenging due to current limitations in infrastructure, capital stocks, and skill sets, the RBI article presents a roadmap for India’s development and highlights the necessary policy measures to drive sustained growth.
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