India can sustain high growth, become a developed economy by 2047: John Lipsky

livemint.com:

Subscribe to enjoy similar stories. New Delhi: India has the potential to sustain high economic growth in the coming years and become a developed economy by 2047 if it introduces new regulatory, legal, infrastructural and educational reforms, economist John Lipsky told Mint. Lipsky, a senior fellow at the Foreign Policy Institute of the Johns Hopkins University School of Advanced International Studies (SAIS) said the reforms initiated by India in the past few years have helped it remain the fastest growing among the G20 economies.

“The reforms so far, imperfect as they are, incomplete as they are, have produced results. I think there’s clarity that if you want to sustain these rapid rates of growth, new reforms are necessary," Lipsky said. The path is clear for India to achieve high economic growth consistently, he said.

“It’s not hard to imagine what needs to be done. The extra benefit to India is the young population and the growing workforce, which makes sustaining growth much easier compared to other economies where the workforce is shrinking," Lipsky said. Also read | India has to move fast to break into global supply chains: Jagdish Bhagwati “What is also encouraging is that you can see areas that could be improved, that the authorities recognize this.

Though this is not necessarily going to be easy or simple, it would improve the efficiency of the economy," he added. The Reserve Bank of India (RBI) estimates India’s gross domestic product (GDP) growth at 7.2% for FY25, aligning closely with the International Monetary Fund’s (IMF) projection of 7%. India recorded growth rates of 8.2%, 8.1%, 8.6% and 7.8% in the four quarters of FY24, culminating in an overall 8.2% growth for the fiscal year, thus emerging as the