India to Take 75 Years to Become High-Income Country: World Bank Report
The World Bank's latest report, "World Development Report 2024: The Middle Income Trap", has revealed that India, along with over 100 other countries including China
prativad 
New Delhi: The World Bank's latest report, "World Development Report 2024: The Middle Income Trap", has revealed that India, along with over 100 other countries including China, may have a long wait to achieve high-income country status. According to the report, India could take as long as 75 years to reach even a quarter of America's per capita income.
India's Per Capita Income Still Low
Currently, India's per capita income stands at around $2200, while it's roughly $37,000 in the United States. The report suggests that India might require 75 years to reach just one-fourth of America's per capita income.
China May Achieve Target in 10 Years
In contrast, China is projected to surpass both India and Indonesia in reaching this milestone. The World Bank estimates that China could achieve this target within a decade.
Indonesia Also Faces Long Wait
Indonesia, too, is expected to take approximately seven decades to reach a quarter of America's per capita income.
What Does the Report Say?
The World Bank's report presents a significant challenge for many middle-income countries. It highlights the obstacles these nations must overcome to transition into high-income economies, including economic inequality, unemployment, and climate change.
Challenges for India
India's primary challenges lie in reducing economic inequality and creating employment opportunities. Additionally, the country needs to implement robust measures to address climate change.
Conclusion
The World Bank's report serves as a wake-up call for India. Achieving high-income country status will require overcoming numerous hurdles. However, with the right policies in place, India can accelerate its progress.
Why This News Matters
This news is crucial for understanding India's economic development trajectory. It outlines the steps India needs to take to become a high-income nation. The report also emphasizes the existing potential for India to make significant strides.
Other Key Points
- The report presents a substantial challenge for many middle-income countries.
- India's key challenges include reducing economic inequality and creating jobs.
- Addressing climate change is also vital for India.
- With effective policies, India can achieve the goal of becoming a high-income country.
