Need 7% Growth For 25 Years To Be Upper Mid-Income Nation: Bibek Debroy

Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. “Which means India will be in the upper middle-income category, not a higher-income category,” Debroy said, adding that it also means that the nature of Indian society will be completely transformed

India can become an upper middle-income country by 2047 if it manages a sustained growth rate of 7-7.5 per cent for the next 25 years, Economic Advisory Council to Prime Minister (EAC-PM) chairman Bibek Debroy said on Tuesday.

“Even if you have relatively conservative real rates of growth of 7-7.5 per cent, we will get to a per capita income of about USD 10,000… And you will get to a total size of the economy of a little less than $20 trillion in 2047,” Debroy said while releasing ‘The Competitiveness Roadmap for India@100’.

Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. “Which means India will be in the upper middle-income category, not a higher-income category,” Debroy said, adding that it also means that the nature of Indian society will be completely transformed.

Noting that because what happens to India is an aggregate of what happens to the states, Debroy said, “And unless the states jack up their growth records, the overall growth record for India is not going to be that high either”. The International Monetary Fund (IMF) has forecast the economy to expand by 7.4 per cent in 2022-23, making India one of the world’s fastest growing