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.
'My name is the guarantee of security in the country', PM Modi says in Karnataka
Prime Minister Narendra Modi on Sunday said that his name is the guarantee of security in the country, adding it was his primary duty to protect the citizens of the nation.
9 held for gang rape of minors in Meghalaya
Nine persons were arrested by the police in connection with the rape of minor girls in the South West Garo Hills district of Meghalaya, officials said on Sunday.
Indian Coast Guard apprehends Pakistani boat with huge consignment of narcotics
In a major success, the Indian Coast Guard, following an overnight aerial-maritime joint operation with the Gujarat Anti-Terrorism Squad (ATS) and the Narcotics Control Bureau (NCB), on Sunday apprehended a Pakistan boat in the Arabian Sea, west of Gujarat's Porbandar, and seized a large haul of narcotics.
Decision to build Ram Mandir in Ayodhya should have been taken on next day of Independence, PM Modi says in K'taka
Prime Minister Narendra Modi said on Sunday that the decision to build Ram Mandir in Ayodhya should have been taken the very next day after the country achieved Independence in 1947.
Rahul slams BJD-BJP in Odisha rally, says both in collusion to benefit few corporates
Congress leader Rahul Gandhi, stepping up the party’s campaign in Odisha on Sunday lashed out at the Naveen Patnaik-led BJD government and the opposition BJP while accusing them of having ‘married’ each other for personal gains and befooling the public.
PM Modi has already scored a century in first two phases of LS polls: Amit Shah
Union Home Minister Amit Shah said on Sunday that Prime Minister Narendra Modi had already scored a century of seats in the first two phases of Lok Sabha polls.
Govt extends shutdown of schools in Tripura till May 1, heat wave alert extends
In view of the intense heat wave, the Tripura government has announced an extension of shutdown of all government aided schools and privately managed schools till May 1 next.
Despite having a woman CM, females in West Bengal most unsafe: JP Nadda
BJP national president J. P. Nadda on Sunday launched a blistering attack on the Trinamool Congress government in West Bengal, saying that despite having a woman chief minister, females in the state are most unsafe.