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.
–IANS
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