India 2047: Developed Dream or Upper-Middle Reality? Economist Weighs In

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In a thought-provoking interview with NDTV, Martin Wolf, Chief Economics Commentator at the Financial Times, shared his vision for India in 2047, the centenary of its independence. Wolf believes India becoming a developed country by 2047 is “plausible”—but only if it sustains its current 6% annual growth rate. A higher trajectory of 8% growth, he adds, would make the transition more certain.

However, Wolf cautions that even with steady growth, India may not meet the textbook definition of a “developed nation.” Instead, it could emerge as a sophisticated, upper-middle-income economy—larger, more powerful, and globally influential. He emphasized the need for skilling youth, expanding education, and boosting women’s workforce participation to unlock India’s full potential.

Wolf predicts India will become the third-largest economy in the world, combining demographic strength with consistent growth. While the label “developed” may remain elusive, the transformation into a global economic powerhouse is well within reach.

Key Highlights:
Growth target: 6–8% annually to reach developed status

Challenges: Skilling, education, gender inclusion

Projection: Third-largest global economy by 2047

Status: Likely upper-middle-income, not fully “developed”

Perspective: Labels matter less than real progress

Source: NDTV