What will it take for India to become a developed country by 2047?

Country's per capita income would need to grow 12.4% consistently to match that of OECD countries within the next 25 years

In 1947, policymakers of a newly independent India decided to follow the mixed economy approach to catch up with the developed world. India would be able to replicate the Communist USSR model with tweaks of its own, they thought. India has become a lower middle-income economy, but it lags behind Communist China in development.

Indian policymakers have a new clarion call. Prime Minister Narendra Modi, in his Independence Day speech, pledged to turn India into a developed economy in the next 25 years, when the country celebrates 100 years of independence.

A comparison with developed countries shows that India has