The report titled 'World Development Report 2024' highlights a challenge to Prime Minister Narendra Modi's aspiration to transform the country into a developed economy by 2047, or achieve high-income status within a generation.
It also reveals that over 100 countries, including India, China, Brazil, and South Africa, face significant challenges in attaining high-income status in the coming decades.
In an approach paper summarising its vision for 'Viksit Bharat', NITI Aayog last week said India needed to grow at a sustained pace of 7-10 per cent for 20-30 years to escape the middle-income trap and become a developed nation with a per capita income of $18,000 per annum and the size of a $30 trillion economy by 2047.
"The GDP would have to grow 9 times from today's $3.36 trillion and the per capita income would need to rise 8 times from today's $2,392 per annum," the government's think tank said after its 9th Governing Council meeting attended by chief ministers and lieutenant governors.
This story is from the August 02, 2024 edition of Business Standard.
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This story is from the August 02, 2024 edition of Business Standard.
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