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“If we can manage to grow at seven per cent for next 35 years, we will not only be the second largest economy in the world at that time but we will be prosperous and people will be rich enough,” World Bank Executive Director for Bangladesh, Bhutan, India and Sri Lanka Subhash Chandra Garg said.
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Garg said India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 and will have to grow at 7% annually for the next 30-35 years.
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He underlined that India will have to transform its agriculture completely, grow its services and manufacturing sectors and give a boost to healthcare and tourism.
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Garg noted that a “big challenge” will be to get people out of agriculture and use them in the manufacturing and services sectors, while also ensuring that agricultural production in the country increases.
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He acknowledged that the Indian government’s push on manufacturing through its ‘Make in India’ initiative is required to boost the sector in the country and contribute to economic growth.
