Modi’s developed-nation dream strains against India’s growth gap

India's economy likely expanded by more than 7% in the most recent quarter, a growth rate that would impress many advanced economies. Nevertheless, this acceleration may still fall short of Prime Minister Narendra Modi's goal of transforming India into a developed nation by 2047, the 100th anniversary of the country's independence from British colonial rule.

To achieve this vision, the world's sixth-largest economy would need to maintain an annual growth rate of 9.25% for the next two decades, according to Ashok Lahiri, a senior official at India's leading government-run research institution. Although the prime minister has made this ambitious target a cornerstone of his third term in office, current growth projections suggest India's economy would lag behind his aspirations, as several economists have pointed out.