India should increase by 7.8% annually to achieve a developed nation status by 2047: World Bank

The World Bank said on Friday that India would need to increase an average of 7.8 percent in the next 22 years to achieve the aspirations of the country to become a developed country by 2047.

A new World Bank report released on Friday found that this goal of India is possible. Identifying India 6.3 percent from the average of India’s rapidly growing growth between 2000 and 2024, the report states that India’s previous achievements provide the foundation for its future ambitions.

Soon after the World Bank unveiled the report, the World Bank said in a statement, reforms and their implementation will be required.

The World Bank’s country’s director August Tano Kaum said, “Lessons from countries such as Chile, Korea and Poland suggest how they have successfully infected in mid-high-coming countries by deepening their integration in the global economy.”

he/she said, “India can show its way to improve its previous achievements and increase the pace of construction.”

The report evaluates three scenarios for India’s development trajectory over the next 22 years.

The landscape which enables India to reach a high income position in one generation is required: rapid and inclusive growth in states; By 2035, the current 33.5 percent to 40 percent (both in real terms) of GDP is increasing the total investment; The total labor force participation increased from 56.4 percent to more than 65 percent; And accelerate overall productivity growth.

Emilia Scroke and Rangete Ghosh, the report co-writer, said, “India can take advantage of its demographic dividend by investing in human capital, create capable conditions for more and better jobs and can increase the participation rate of women’s labor force from 35.6 percent to 50 percent by 2047.”

In the last three financial years, India has increased its average growth rate by 7.2 percent. To maintain this and achieve an average growth rate of 7.8 percent (in real terms) in the next two decades, the World Bank report policy recommends four important areas for action: increase in investment; Promoting an environment to create more and better jobs; Promoting structural changes, business participation and adoption of technology; And making states capable of growing faster and simultaneously.

In 2025–26, the Indian economy is estimated to increase between 6.3 percent and 6.8 percent, as mentioned in the Economic Survey presented on 31 January.

The survey document states that the country’s economic basic things are strong, supported by a stable exterior account, fiscal consolidation and personal consumption.

India’s GDP increased by 8.2 percent during the financial year 2023-24 and remained the fastest growing major economy. The economy increased by 7.2 percent in 2022-23 and 8.7 percent in 2021-22. The government expects an increase of 6.4 percent for the current financial year.