Economic growth should be 7.6% annually in next 25 years for India to become developed economy: RBI report

Economic growth should be 7.6% annually in next 25 years for India to become developed economy: RBI reportJuly 18, 2023New Delhi, July 18 (IANS) India’s real GDP needs to grow at the rate of 7.6 per cent annually over the next 25 years to become a developed economy, Reserve Bank of India’s (RBI) bulletin for July said.According to the central bank’s monthly bulletin, which was released on Monday, India’s per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country. According to World Bank’s classification, a country with a per capita income of $13,205 or more in 2022-23 is classified as a high-income country. “To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India works out to be 7.6 per cent during 2023-24 to 2047-48,” the RBI bulletin noted. To become an high-income country by 2047-48, India’s per capita GDP in nominal terms would have to record a CAGR of 10.6 per cent, the bulletin said. –IANS ans/vd