India will need to accelerate reforms to achieve an average annual growth rate of 7.8 per cent for becoming a high-income economy 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’ The report said that over the past decades, India has developed at a scale and pace that few would have thought possible. India can chart its own path by stepping up the pace of reforms and building on its past achievements, World Bank India country director Auguste Tano Kouame said. The report recommended incentivising the private sector to invest in job-rich sectors like ag-processing manufacturing, hospitality, transportation, and care economy to harness the full potential of India’s demographic dividend. It also said that removing formal constraints to credits, adopting modern technology, streamlining labour market regulations and lowering the compliance burden on firms will help India catch up to peers like Thailand, Vietnam and China.
India will need to accelerate reforms to achieve an average annual gro….
