New Delhi, Feb. 28 -- India will need to grow at an average 7.8 per cent to become a high-income country by 2047, a World Bank report said on Friday.

To achieve this goal India would require reforms in financial sector as well as in land and labour market, the World Bank said in its India Country Memorandum titled 'Becoming a High-Income Economy in a generation'.

Recognizing India's fast pace of growth averaging 6.3 per cent between 2000 and 2024, the report notes that India's past achievements provide the foundation for its future ambitions.

"However, reaching the ambitious target of becoming a high-income economy by 2047 will not be possible in a business-as-usual scenario... for India to become a high-income economy by 2047, its GNI...