The goal of making India a developed country by 2047, is “plausible” if the economy stays to the current growth rate of 6 per cent, economist Martin Wolf told NDTV in an exclusive interview today. If the growth rate goes slightly higher, the climb might be easier, he said. “I have always felt India could grow at 8 per cent a year. And if that happened, you would definitely become developed”.
But there is a caveat. During his ongoing visit in Delhi, Mr Wolf said staying on an even course might not push India into a textbook definition of “developed” but it would still be very well off and “sophisticated”.
The definition of a “developed country”, he said, varies. “In my definitions, that wouldn’t really make India a developed nation. But that’s a matter of division,” he added.
But it would still be “an upper-middle-income country… a considerably bigger economy and more sophisticated than today. So does it matter, it wouldn’t be precisely a developed country as I define it?” he added.
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