World Bank Sets India's Ambitious Growth Target: 7.8% for High-Income Status

The World Bank in a report has said that India will have to maintain an average growth rate of 7.8% every year for the next 20 years to become a high-income country (HIC) by 2047. This challenging task demands that India's gross national income per capita should rise almost eight times from the present levels. The report stresses the necessity for faster reforms, increased investment rates, and better labor force participation. Although India is set to be an upper-middle-income nation by 2032, gaining HIC status will necessitate profound economic change. The World Bank underlines that this can be achieved but will be subject to audacious policy choices and deeper structural reforms.

 

Source: World Bank report "Becoming a High-Income Economy in a Generation," published on February 28, 2025.