World Bank: It may take 75 years for the country to fully develop, says the World Bank in a new report.

World Bank: A recent report by the World Bank outlines India's path to becoming a high-income country and some of the hurdles on its way. According to the report, 107 countries including India and China will take decades to reach this level. The report estimates that it could take about 75 years for India to overtake China and Indonesia and reach one-fourth of US per capita income. The report emphasizes the importance of investment, innovation and technology in overcoming the middle-income trap. While China will reach America's income level in 10 years, Indonesia may take around 70 years, the report said. The World Bank has included 108 countries like India and China in the middle income group. Since 1990, only 34 countries have succeeded in doing this. The recommendations given in the report are on ways to make India more prosperous by elevating India from a middle-income economy. This highlights the need for sustained economic growth of 7% to 10% for the next few decades to make India a developed nation. If India succeeds in achieving these goals, it could become a developed country by 2047, where the per capita income will be around $18,000 and the economy will grow to $30 trillion. Currently the average income in India is only 2370 dollars. Also Read: SEBI chief gives good news, now IPO work and document verification will be done by AI Reportedly, there are still big challenges in achieving a high-income economy. These obstacles include an aging population, rising debt, geopolitical tensions, environmental degradation and other problems. Many middle-income countries still use old strategies. Indermeet Gill, chief economist of the World Bank Group, warned that if these countries continue on their old ways, most developing countries will be left behind in the race to become high-income countries by mid-century. Also Read: Home Loan: Only the bank will provide home loan, only these should be taken into consideration The post World Bank: A new World Bank report reveals that it may take 75 years for a country to fully develop. On Prabhat Khabar.