New Delhi, March 1 -- India will need to raise its average annual growth rate to 7.8% between 2024 to 2047 to become a high-income country by 2047, the World Bank said in a report released on Friday, but the number is achievable given the country's macroeconomic stability, demographic dividend, strong reform momentum, large market and strategic geopolitical opportunities.
The report cautioned that the ambitious target could not be achieved in a business-as-usual scenario. "For India to become a high-income economy by 2047 its GNI (gross national income) per capita would have to increase by nearly eight times over the current levels; growth would have to accelerate further and to remain high over the next two decades, a feat that few countr...