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Developed country ambitions need deep structural reforms Altoona
- Location: Altoona, Connecticut, South Africa
India's impressive economic growth has kindled hopes of it attaining developed country status by 2047, the centenary year of its independence. However, this aspiration demands an arduous journey of raising the country's per capita income by more than five times, from the current USD 2,600 to USD 10,205, within the next 25 years. Achieving this ambitious target effectively translates into sustaining a per capita income growth rate of 7.5% annually and an aggregate GDP growth rate of 9% over this period.
Merely accelerating growth is insufficient; inclusivity is equally crucial. The daunting challenges include creating jobs for the four million individuals entering the workforce annually. Therefore, India's journey towards becoming a developed nation requires a multi-pronged approach. Addressing fiscal and structural challenges, while fostering inclusive growth and a robust export sector, will pave the way for this ambitious goal.
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