India's high-income goal by 2047 needs faster growth, policy push

Enhancing productivity through innovation and technology infusion is critical. India must facilitate technology transfer, improve ease of doing business, and incentivise research and development

Reaching high-income status by 2047 is undoubtedly challenging for India but not necessarily an impossible feat, according to a new report from the World Bank. While several countries have spent more than 20 years in the upper middle-income country (UMIC) group without being able to transition to the high-income group, the World Bank report notes India requires an annual economic growth rate of nearly 7.8 per cent for the next two decades to achieve its ambition of being a high-income country. While this is higher than India’s historical average, it is not unprecedented. In the past, countries such as South