According to a recent report by the World Bank, India must intensify market-oriented reforms and mobilise private capital on a larger scale if it is to achieve a GDP of $30 trillion by 2047. While the Indian economy has made considerable strides—bolstered by strong digital public infrastructure and government programmes—the report emphasises that the current pace of reform will not suffice to make the transition from a middle-income to a high-income country.

Key Highlights

• India must deepen market reforms and mobilise private capital to reach a $30 trillion economy by 2047. 
• The financial sector has strengthened, yet further reform and greater access for MSMEs and women remain crucial.

The report sets out that sustaining an average annual growth rate of about 7.8% over the next two decades is critical for India to become a high-income economy by 2047, with per-capita income required to increase nearly eight-fold from current levels. To reach this scenario, several structural shifts are needed: investment must rise from around 33.5% of GDP to about 40% by 2035; labour force participation must increase significantly; and productivity must be boosted via sectoral transformation.

Specifically, the World Bank highlights the importance of deeper financial sector reform—strengthening supervision of banks and non-bank financial companies (NBFCs), enhancing credit penetration for micro, small and medium enterprises (MSMEs), and improving capital market infrastructure to better mobilise private investment.

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Further, the report recommends greater integration into global value chains, reduction of barriers to trade and investment, and differential policy support for less developed states so that growth becomes more inclusive.

In essence, the World Bank contends that for India’s economic vision to become a reality, it must move beyond existing reforms and implement a more aggressive and sustained reform agenda. Without such deep structural change and effective capital mobilisation, the $30 trillion goal—or the broader target of high-income status—could remain elusive.