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According to RBI, India needs average annual _______ GDP growth to become developed by 2047.
A)
6.6%
B)
7.6%
C)
8.6%
D)
9.6%

Correct Answer :   7.6%


India could become a developed country by 2047 with an average annual real GDP growth of 7.6 percent over the next 25 years, said an article published by the Reserve Bank in its July 2023 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 percent 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 views expressed in the article are those of the authors and do not represent its views.

* During 2022-23, India recorded a growth of 7.2 percent. The RBI's projection for GDP growth for the current fiscal year is 6.5 percent.

* The article, the authors said, provides an indicative road map for enabling India to become a developed country by 2047-48.

* "India must rebalance its economic structure by strengthening its industrial sector so that its share in GDP rises from the current level of 25.6 percent to 35 percent by 2047-48.

* "Agriculture and services activity would have to grow at 4.9 percent and 13 percent per annum, respectively, in the coming 25 years with their sectoral shares in GDP at 5 percent and 60 percent, respectively, in 2047-48," the article said.

* It also said that to become a developed country by 2047, India's per capita GDP needs to rise by 8.8 times from the current level. In other words, the current per capita GDP of USD 2,500 needs to rise to to USD 22,000.

* "This article explores the potential drivers of growth over the next 25 years and the challenges that may crop up necessitating timely and targeted policy responses to tackle them effectively," it said..

Source : NDTV

Published On : July 18, 2023
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