New Delhi, Feb. 28 -- India must maintain an average annual economic growth of 7.8% to attain high-income/developed nation status by 2047, with a business-as-usual approach delivering welfare gains but falling short, a slowdown in reforms widening the gap, and only an accelerated reform strategy ensuring success, the World Bank said in a report on Friday.

In its latest India Country Economic Memorandum, titled Becoming a High-Income Economy in a Generation, the World Bank noted that while this goal is achievable-given India's strong growth averaging 6.3% between 2000 and 2024-it will require reforms and their implementation to be as ambitious as the target itself.

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