'India needs 8-9% growth to become a developed nation by 2047'

India aims to become a $30 trillion economy by 2047, from its current size of around $4 trillion, according to statistics ministry secretary Saurabh Garg. To achieve this ambitious goal, the nation will need to sustain annual economic growth of 8-9% over the next two decades, requiring continued reforms and policy interventions.

Garg stated that India is the fastest-growing economy and expects continued growth in the foreseeable future. The International Monetary Fund and the World Bank have recently raised their growth forecasts for India for FY27 to 7%, citing domestic demand and strong services activity.

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