A World Bank report released on February 28, 2025, outlines India's ambitious goal to become a high-income country by 2047, requiring an average growth rate of 7.8%. The report, titled 'Becoming a High-Income Economy in a generation', emphasizes the need for significant reforms in the financial, land, and labor sectors.
To achieve this, India's Gross National Income (GNI) per capita must increase nearly eightfold. The report suggests that India needs to expand and intensify reforms to meet its target, given the current global economic environment. The World Bank highlights the importance of learning from countries like Chile, Korea, and Poland, which successfully transitioned to high-income status through global economic integration.
The report identifies critical areas for policy action, including increasing investment, promoting structural transformation, and creating more jobs. It also emphasizes leveraging India's demographic dividend by investing in human capital and increasing female labor force participation. The World Bank evaluates three scenarios for India's growth trajectory over the next 22 years, stressing that only 'accelerated reforms' will ensure India reaches its goal by 2047.