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’ India has introduced a host of structural reforms to transform the country into a global manufacturing hub, to boost infrastructure, improve human capital, and leverage digitization, while at the same time bolstering macroeconomic stability. The report evaluates three scenarios for India’s growth trajectory over the next 22 years. The Country Economic Memorandum is a flagship analytical report on a country’s economy undertaken by the world Bank across the globe. It reviews the economic and social developments in India over the past 20 years, outlines the current challenges facing the economy, and recommends reforms necessary to achieve sustainable and inclusive long-term growth as the country aspires to become high- income economy by 20 47.
