India needs faster growth to achieve 2047 developed nation status

India's target of becoming a developed economy by 2047 will demand substantially higher economic growth than current levels, government think-tank officials have warned. Ashok Lahiri, a senior economist at the state-backed research institution, said the nation needs to maintain an annual growth rate of 9.25 per cent to realise Prime Minister Narendra Modi's vision for the country's economic transformation by the mid-century mark.

The assessment underscores the gap between India's recent economic performance and the growth acceleration required for the country to reach developed-nation status within the next two decades. While India has maintained growth rates around 7 per cent in recent years, this pace falls considerably short of what policymakers say is necessary to substantially raise per capita income and living standards across the population.

Achieving growth rates above 9 per cent would require strengthening domestic demand, accelerating investment in infrastructure, and boosting productivity across sectors. Economists emphasise that such sustained high growth would need to be coupled with improvements in education, healthcare, and skill development to ensure broad-based development across regions and social groups.

The government's 2047 agenda represents an ambitious roadmap for India's economic transition, building on the nation's status as one of the world's fastest-growing major economies. However, realising this vision will require policy focus on structural reforms and sustained capital investment over the coming years.