New Delhi, February 28 (HS): India will have to grow at an average rate of 7.8 percent to become a high-income country by the year 2047. The World Bank has given this information in a report.

The World Bank said in its report released on Friday that to achieve this goal, India will need to improve the land and labor market along with the financial sector. The title of this World Bank report is – ‘Becoming a high-income economy in a generation’. The report recognizes India’s rapid growth rate of an average of 6.3 percent between 2000 and 2024 and says that India’s past achievements provide the basis for its future ambitions. The report says that reaching the ambitious goal of becoming a high-income economy by 2047 will not be possible under normal circumstances. For this, India’s per capita GNI (gross national income) will have to increase by about eight times from the current levels, the growth will have to accelerate further and remain at a high level for the next two decades. Only a few countries have been able to achieve this milestone.

According to this report, To reach high income by the year 2047, India’s growth rate should be 7.8 percent on average in the coming decades .The World Bank has said in its report that only a ‘rapid reform’ package can put India on the path of becoming a high income country by 20247. The report says that in the last decades, India has developed at a scale and speed that hardly anyone would have thought of.

Hindusthan Samachar / Jun Sarkar