India’s Growth Story: The Reality And The Hype
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India's growth story is a mix of reality and hype. The government claims that India's economic prospects are bright and the country is on track to achieve high growth rates and become a developed country by 2047. However, there is no unanimity among economists about the actual state of the economy. While GDP growth has been strong in recent quarters, there are concerns about low consumption levels and the government's focus on aggregate numbers rather than granular details. India's climb to become the third largest economy is expected, but surpassing China and achieving high per capita GDP will be challenging. The country also faces structural problems such as inequality, low human capital, regional disparities, and the need for improvements in education, healthcare, and infrastructure. To become a developed nation, India will need to address these underlying problems and focus on broad-based prosperity. Access to healthcare, education, regular income, and financial security are crucial for escaping poverty and backwardness. India's young population presents an opportunity for a demographic dividend, but it requires making the workforce employable and creating jobs. The IMF estimates that India needs to grow at a rate of 7.6% per annum over 25 years to become a developed nation by 2047. However, achieving this goal amidst the challenges remains uncertain.

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https://www.freepressjournal.in/analysis/indias-growth-story-the-reality-and-the-hype