India's developed nation dream realistic, but needs bold reforms, says WB India head Auguste Tano Kouamé

Subscribe to enjoy similar stories. New Delhi: India’s goal of becoming a high-income, developed nation by 2047 is realistic but requires overcoming challenges, Auguste Tano Kouamé, the World Bank's Country Director for India, told Mint. While the target may seem ambitious, historical trends and planned structural reforms make it achievable, Kouamé said.

Speaking in an exclusive interview, Kouamé, who took on his current role in August 2022, said there will be years when India grows at less than 7.8%, and there will be years when it exceeds that mark. The key to achieving this long-term goal is ensuring that periods of high growth compensate for slower years, ultimately maintaining an upward trajectory, he added.

“Yes, it is realistic and achievable," he said of India's ambition. Read more: Manufacturing PMI: Q4 is a litmus test, but no fireworks so far "Remember that in the past 25 years, India has achieved 6.3% average growth rate despite big shocks.

In the past several years, India has been the fastest growing large economy. This is a big achievement." Last week, in its latest India Country Economic Memorandum, titledBecoming a High-Income Economy in a Generation, the World Bank had similarly noted that while India's goal of becoming a high-income economy by 2047 is achievable—given India's strong growth averaging 6.3% between 2000 and 2024—it will require reforms and their implementation to be as ambitious as the target itself.

The report added that India needed 7.8% average annual growth to become a developed nation by 2047, warning that only accelerated reforms—not a business-as-usual approach or slowdown—can bridge the gap. Acknowledging that the global environment is going to be challenging in the coming years,