India needs to grow by 7.8 pc to reach high-income status by 2047, a possible target: World Bank. New ‘India Country Economic Memorandum’ titled ‘Becoming a High-Income Economy in a Generation,’ finds that this target is possible. Getting there however would require reforms and their implementation to be as ambitious as the target itself. The scenario which enables India to reach. high- income status in a generation, requires India to achieving faster and inclusive growth across states. India has accelerated its average growth rate to 7.2 per cent in the past three fiscal years. In order to maintain this acceleration and attain an average growth. rate of 7. 8 per cent (in real terms) over the next two decades, the Country Economic. Memorandum recommends four critical areas for policy action — increasing investment, fostering an environment. to create more and better jobs, promoting structural transformation, trade participation and technology. adoption, enabling states to grow faster and together.
