India must grow by 8% for a decade to become developed country by 2047, says Economic Survey

India will need to achieve sustained economic growth of close to 8% for at least a decade to achieve its goal of becoming a developed country by 2047, the Economic Survey 2024-’25 tabled in Parliament on Friday said.

The survey’s prediction for economic growth in 2025-’26 falls short of this target, with the country’s real gross domestic product expected to grow between 6.3% and 6.8% in the upcoming financial year.

The Economic Survey also said that to achieve growth of around 8%, the investment rate must rise to approximately 35% of the GDP, up from the current 31%.

“India will also need to create 78.5 lakh new non-farm jobs annually till 2030,32 achieve 100% literacy, develop the quality of our education institutions, and develop high-quality, future-ready infrastructure at scale and speed,” it said.

Nevertheless, the financial document said that the fundamentals of the Indian economy remained robust, although there were “strong, prominently extraneous, downsides” as well.

The Economic Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament a day ahead of the Union Budget for 2025-’26, details the state of the country’s economy and suggests measures to boost growth.

Published by the Department of Economic Affairs, the survey said that navigating global headwinds requires “strategic and prudent policy management and reinforcing the domestic fundamentals”.

The survey also highlighted that China’s…

Read more