Why in news
India needs to grow at an average rate of 7.8% over the next 22 years to reach high-income status by 2047, according to the World Bank.
Achieving this goal requires ambitious reforms and their effective implementation, the World Bank report emphasizes.
Achievements & Lessons
India’s past growth of 6.3% (2000-2024) lays a strong foundation for future growth and the target of high-income status.
Countries like Chile, Korea, and Poland successfully transitioned to high-income economies by deepening global integration. India can follow a similar path with reforms.
Key Recommendations:
Foster faster, inclusive growth across States.
Increase investments from 33.5% of GDP to 40% by 2035.
Raise labour force participation from 56.4% to over 65%.
Accelerate productivity growth.
Policy Focus Areas
Investment in human capital, creating better jobs, and increasing female workforce participation to 50% by 2047 are crucial.
To achieve 7.8% growth, there is need for increased investment, job creation, structural transformation, and better trade and technology adoption.
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