Can India earn ‘developed’ tag by 2047? Latest Report

By Srikanto Mandal 27 May, 2023

The Narendra Modi government aims to make India a "developed country" by 2047, but there is no clear definition of what that entails or international benchmark to follow.

To achieve this goal, India would need to increase its per capita income by more than five-fold in 24 years, requiring sustained annual growth of 7%.

While becoming a "high-income" country by 2047 seems unlikely, reaching the "very high" human development category is more feasible, given India's progress in improving its HDI score.

India's share of hi-tech items in manufactured exports is currently 10%, lower than the global average of 20% and China's 30%.

Catching up to the developed-country average in areas like research output and citations would also be challenging.

The poverty benchmark of $2.15 per day is no longer suitable for India as a lower-middle-income country. As India moves towards upper-middle-income status, the poverty line would be higher.

India lags behind in various growth indicators compared to countries already gained high levels of human development. India is also far from eliminating multi-dimensional poverty.

While India has made progress in the past three decades, it still faces significant challenges and should avoid premature hubris about its development status.

Becoming a developed country by 2047 would be a remarkable achievement, but it would also mean joining a crowded group of nations that have already reached that status.