Last Updated on 04/08/2024 by wccexam Desk
India remains the fastest growing economy in the world. At the same time, the government led by Prime Minister Narendra Modi has set the target of making the country a developed nation and has set a deadline of 2047 for this. Meanwhile, in a recent World Bank report, it has been mentioned about the challenges in achieving this goal and how long it takes for the country to achieve it.
It will take 75 years for India!
A report titled World Development Report 2024: The Middle Income Trap by the World Bank says that it may take a long time for more than 100 countries of the world, including India and China, to attain the status of a high income country. If the report is to be believed, it may take 75 years for India to reach just one-fourth of the per capita income of the US. Currently, India’s per capita income is around $2200, while in the US it is around $37,000.
China can achieve this milestone in 10 years
While it may take 75 years for India to reach a quarter of America’s per capita income, according to the World Bank, Indonesia may also take seven decades to achieve this target. Meanwhile, if we talk about the dragon, China may be able to touch this figure much before India and Indonesia. The World Bank says that China can achieve this target in just 10 years.
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2 out of every 3 people in the world are trapped in poverty
In this latest report of the World Bank, 108 countries of the world have been classified as middle income group at the end of the year 2023. Their annual GDP per capita was between 1,136 US Dollars to 13,845 Dollars. 6 billion people live in these countries, which is 75 percent of the global population. According to the World Bank, two out of every three people in the world are living in extreme poverty.
What are the challenges facing India?
In its report, the World Bank has found, based on the experience of the last 50 years, that as countries become richer, they usually get caught in a ‘trap’ of about 10 percent of the US per capita GDP annually. This 10 percent amount is currently equivalent to about 8,000 dollars. Explaining the challenges of India, it has been said that the rapidly aging population, increasing debt, geopolitical and trade tensions, as well as the difficulty in moving forward economically without harming the environment are the biggest obstacles in this path.
Tell me this way to get out of the trap
In its report, the World Bank has also explained what measures are needed to get out of this trap. It says that many middle income group countries are still using the strategy of the last century and are mainly dependent on policies that focus on increasing investment. Which is exactly like driving a car in first gear and trying to make it go faster. The World Bank has said that these countries should focus on three-I (3i) to get out of the ‘middle income trap’. These three I are investment, innovation and infusion of new technology.
Source (PTI) (NDTV) (HINDUSTANTIMES)