India Needs Average Annual 7.6% GDP Growth To Become Developed By 2047: RBI
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During 2022-23, India recorded a growth of 7.2 per cent. Mumbai: India could become a developed country by 2047 with an average annual real GDP growth of 7.6 per cent over the next 25 years, said an article published by the Reserve Bank in its July bulletin. The task, however, may not be easy, given the current level of capital stocks, infrastructure and skill sets of the people, said the article titled 'India @ 100'. Addressing the nation on August 15, 2022 -- the 75th year of India's independence -- Prime Minister Narendra Modi laid down a vision for the next 25 years to become a developed nation by 2047. "India's real GDP needs to grow at 7.6 per cent annually over the next 25 years to achieve the per capita income level to become a developed economy," the article, authored by Harendra Behera, Dhanya V, Kunal Priyadarshi and Sapna Goel, said. The authors are from the RBI's Department of Economic and Policy Research. The central bank said the...