World Bank India head explains how India can become a high-income nation by 2047

SUMMARY

In an exclusive interaction with CNBC-TV18, World Bank Country Director Auguste Tano Kouame laid out a detailed roadmap for how India can become a high-income nation by 2047. According to Kouame, achieving this ambitious goal will require India to sustain an average growth rate of 7.8% over the next 22 years, backed by strong investment, labour reforms, and an enabling business environment.

By CNBCTV18.com February 28, 2025, 10:46:57 PM IST (Published)1 / 5

For India to achieve high-income status by 2047, it must maintain an average growth rate of 7.8% over the next 22 years. This requires a strong focus on economic expansion, innovation, and structural reforms to ensure sustained and stable growth. Investment will play a crucial role in India’s economic journey. To reach high-income status, the country must increase its investment to 40% of GDP, ensuring capital is directed towards infrastructure, industries, and technological advancements that drive long-term development.

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To create more jobs and sustain high growth, India needs to expand labour-intensive industries such as manufacturing, construction, and services. Increasing investment in skilling programs will be key to enhancing workforce productivity and ensuring better employment opportunities for millions.

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For India’s economy to reach its full potential, women’s participation in the labour force must increase significantly. While overall participation must rise to 60-65%, India should aim for 50% female workforce participation by 2047. Empowering women with equal opportunities in education, employment, and leadership roles will drive inclusive growth.

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India’s youth population is a major economic asset, but only if properly skilled. The country must invest heavily in education and skilling programs to prepare young people for well-paying jobs that align with private sector demand. Upskilling will ensure that India remains competitive in a rapidly evolving global economy. A dynamic economy requires flexible workforce policies. India needs labour reforms that allow companies to manage their workforce efficiently, ensuring businesses can adapt to market demands. Creating a more business-friendly environment will lead to greater investments and job creation.

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India’s young population provides a once-in-a-lifetime demographic dividend opportunity that will last for the next 20-30 years. To capitalise on this, the country must prioritise job creation, workforce training, and policies that ensure its growing labour force is fully employed in productive sectors.

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