India, May 12 -- Prime Minister Narendra Modi has often shared with the people of India his dream of becoming a developed nation by 2047. Economists and scholars believe India must make substantial progress in various sectors to realise this dream. GDP per capita needs to rise significantly-ideally above $15,000. The Indian economy must transition from agriculture and low-end services to high-value manufacturing, technology, and knowledge-based sectors. Massive infrastructure investments in transport, logistics, and energy are essential to support economic activities.

When Indian leaders speak about India becoming a developed country, they primarily focus on GDP growth. They argue that India will become the third-largest economy in the w...