India must maintain an average growth rate of 7.8 percent over the next 22 years to fulfill its ambition of becoming a high-income nation by 2047, according to a report from the World Bank, which emphasizes the necessity for ongoing reforms.
Although the country's economic path has established a solid foundation, achieving this ambitious goal will demand extensive and continuous reforms, as outlined in the India Country Economic Memorandum titled "Becoming a High-Income Economy in a Generation," released on February 28.
The report was published shortly before the announcement of the GDP figures for the December quarter, which are expected to show that the Indian economy grew by 6.3 percent, up from 5.4 percent in the previous quarter, driven by rural recovery and increased capital expenditure from the government, according to a Moneycontrol survey of 19 economists.
During the report's release, World Bank Country Director for India, Auguste Tano Kouame, noted that while the 7.8 percent growth rate serves as a long-term sustainability benchmark, it does not need to be achieved annually.
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