Datanomics: India needs to innovate, cut debt to become developed by 2047

From 2020-21 to 2024-25 (2020-2024 in case of the rest of the world), India's economic growth slowed to 5.4 per cent but was higher than any other major country including China

India’s gross domestic product (GDP) growth accelerated to 6.2 per cent in the third quarter of FY25, up from 5.6 per cent in the previous quarter. However, India needs to grow at an annual rate of 7.8 per cent from 2024-47 to achieve the vision of ‘Viksit Bharat’ and become a high-income economy, according to the World Bank.

 

India’s GDP grew at an annual average of 6.7 per cent from 2000-19, faster than other large and emerging markets, said the bank in its report — Becoming a high-income economy in a