The study by Reserve Bank of India staffers said for India to become a developed country by 2047-48, would require real GDP to grow at 7.6 per cent per annum over the next 25 years, raising its current per capita GDP of $ 2,500 to $ 22,000.
The sustainable path to development requires investment in physical capital and comprehensive reforms across sectors covering education, infrastructure, healthcare and technology to raise productivity, the study said.
“Collaboration between the government, private sector, civil society, and citizens is essential for driving this transformation,” the study, which is not the official view of the central bank, said.
According to World Bank, a country with a per capita income of $13,205 or more in 2022-23 is classified as a high-income country.
The International Monetary Fund classifies countries into two major groups: Advanced Economies and Emerging Market and Developing Economies.