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India needs 8% growth for 30 years to join middle-income group: World Bank

Junaid Ahmad, country director of the World Bank, said the bank planned to lend $20 billion to $25 billion to India in the next five years

Reuters  |  New Delhi 

India's economy needs to grow 8 percent and higher a year for the next three decades to join the ranks of middle-income countries, which would require major reforms in the land, labour and financial sectors, the World Bank said on Wednesday. If that did happen, it would raise the income of at least 50 percent of India's 1.3 billion people to sustain consumption expenditure of $10 a day based on the purchasing power parity of the global middle class. The government estimates India's per capita income could touch 86,689 rupees ($1,337.4), or $3.7 a day, in the current ...

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First Published: Wed, March 14 2018. 21:29 IST