India likely grew at more than 7% last quarter, a pace most major economies would envy. Yet, that may still be too slow to deliver on Prime Minister Narendra Modi’s dream of a developed nation. Modi wants India to achieve that status by 2047, the centenary year of its independence from British rule.
Getting there would require the world’s sixth-largest economy to grow at 9.25% annually for 21 years, according to Ashok Lahiri, a senior official at the country’s apex government-run think tank. The ambition, branded Viksit Bharat — or Developed India — has become a centerpiece of Modi’s third term. However, assuming the current rate of growth, India’s economy would fall short of his vision, according to several economists.
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