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

Reuters  |  NEW DELHI 

By Manoj KumarNEW DELHI (Reuters) - 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 ...

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First Published: Wed, March 14 2018. 21:30 IST
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