Martin Wolf, a prominent economist and commentator, expressed skepticism about Prime Minister Narendra Modi’s ambitious goal to transform India into a high-income country by 2047. In his view, several deep-rooted structural challenges could impede this vision.
Source:- BBC News
Wolf highlights India’s historically slow pace of economic reform and the persistent issues of bureaucracy and corruption as significant barriers. He points out that while India’s economy has grown impressively in recent years, it still grapples with stark income inequality, insufficient infrastructure, and a large informal sector. These factors collectively stifle the overall productivity needed for high-income status.
Source:- news 18
Furthermore, Wolf underscores the importance of robust institutions and policy continuity, which he argues have been inconsistent in India. He also raises concerns about demographic trends, such as a rapidly aging population, which could further strain economic resources.
To achieve the high-income target by 2047, India would need not just sustained economic growth but also comprehensive social and economic reforms. Wolf suggests that without addressing these foundational issues, the goal, while aspirational, remains improbable within the set timeline.
In summary, Martin Wolf views India’s quest to become a high-income nation by 2047 as a formidable challenge, requiring profound and sustained policy efforts beyond current measures
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