India's Path to High-Income Status by 2047: Achieving Growth Through Reforms

A World Bank report outlines that India must grow at an average of 7.8% to become a high-income country by 2047. Attaining this target will require extensive reforms in its financial sector, land, and labour markets, along with increased investment and structural transformation.

India is on a quest to join the league of high-income nations by 2047, necessitating an average growth rate of 7.8% as outlined in a World Bank report released Friday.

The report, titled 'Becoming a High-Income Economy in a Generation,' stresses the need for reforms in India's financial sector, land, and labour markets to meet this ambitious target. Past growth averaging 6.3% since 2000 has set a solid foundation for future ambitions.

With Case studies from nations like Chile and Korea, the World Bank highlights the need for accelerated reforms in India to ensure sustained economic growth and integration into the global economy.

(With inputs from agencies.)