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.
Also read | RBI issues directions on issuance of debit, credit cards
Also read | RBI panel suggests inclusion of rupee in IMF's special drawing rights basket
