Need far-reaching reforms for India to be developed nation

In his Independence Day speech, our Prime Minister Narendra Modi called for suggestions on how India can become a developed nation by 2047.

- TNC RAJAGOPALAN

While there would be enough responses from a cross section of people and institutions in India to help the government formulate necessary policies, it would be worthwhile to consider the recommendations of the latest World Development Report 2024 (WDR) on what the developing countries need to do to become developed economies.

The WDR, prepared by economists at World Bank and released in the beginning of this month, says that developing countries must avoid stagnation at a per capita income of around $8,000 through investment' increased capital deployment; infusion, ie increased deployment of cutting-edge technology; and innovation ie breakthrough inventions with enormous commercial potential.

This can best be done by adopting policies that make it easier to get capital from anywhere in the world, to bring in best knowhow and facilitate their diffusion within the country and to create an ecosystem that fosters and rewards imagination and creativity.