Can India Achieve High-Income Status by 2047? Martin Wolf Weighs In
In a recent lecture organized by CUTS, Martin Wolf, Chief Economics Commentator at the Financial Times, expressed skepticism about Prime Minister Narendra Modi’s ambitious goal of making India a high-income country by 2047. While he acknowledged that the goal might be out of reach, he projected that India could still achieve upper middle-income status and emerge as a global superpower by the middle of the century. Martin Wolf, Chief Economics Commentator, Financial Times Domestic Challenges and Necessary Reforms Wolf pointed out that the significant obstacles to India’s progress lie within its domestic institutions, policies, and politics. He emphasized that achieving inclusive and rapid growth would require not only sustained openness to global markets but also massive investments in both physical and human capital. “Openness remains a handmaiden of economic progress,” Wolf remarked. The Plausibility of Modi’s Vision Reflecting on PM Modi’s vision, Wolf questioned the feasibility of t...