Mumbai: An item in the Reserve Bank's July bulletin predicted that if India's real GDP grew by 7.6% per year over the next 25 years, it would be a developed country by 2047. The article titled "India @ 100" warned that this goal may be difficult to achieve given the country's present levels of capital stocks, infrastructure, and skill sets.
On August 15, 2022, India's 75th year of independence, Prime Minister Narendra Modi addressed the nation and outlined a plan to transform the country into a developed nation by 2047.
In order for India to reach the per capita income level necessary to become a developed economy, the authors of the aforementioned article—Harendra Behera, Dhanya V, Kunal Priyadarshi, and Sapna Goel—estimate that the country's real GDP will need to expand at 7.6% per year for the next 25 years.—Inputs from Agencies