India 2047 and the middle income trap
India has set itself the goal of becoming a developed country by 2047, the 100th anniversary of its independence. By one measure, the threshold for high-income used by the World Bank, this requires a five-fold increase in its real per capita income in dollar terms over the next two decades. Even during times of global economic prosperity such as 1990-2018, it has been difficult for middle-income countries to sustain growth rates of over 7 percent over long periods and avoid prolonged recessions.