Addressing the SRCC Centenary Conclave on Friday, Lahiri stressed the need for rapid economic reforms and structural changes to help India become a developed nation by 2047. “Technological progress is needed to compete with the rest of the world,” he said.
While acknowledging efforts to promote innovation and entrepreneurship, Lahiri said India should aim to become a technology creator rather than a technology-consuming nation. He cited the examples of China, South Korea, Taiwan and Japan, which rapidly increased their per capita incomes and became high-income economies.
A high-income economy is defined as one with gross national per capita income above a specified threshold. For 2027, the threshold is $14,375, he said. “You factor in some inflation, and one estimate puts the target for per capita income at around $18,000 to $20,000 for India to become a high-income country by 2047,” he said.
India’s per capita income currently stands at $2,813. To reach $18,000 by 2047, it will need to grow six-and-a-half times at an annual nominal rate of about 9.25% over the next 21 years, Lahiri said. He identified education, health and infrastructure as the three critical areas for accelerating growth.
Human capital is essential for economic growth and well-being, he said. “It is human capital that combines with raw materials, machines and technology to produce goods and services. The quality of human capital is determined by education and health,” he added. Highlighting improvements in literacy, life expectancy and road and rail infrastructure since Independence, Lahiri said further progress was needed in education and health.
“India should aim at 100% foundational literacy and numeracy while ensuring significant improvements in health parameters,” he said. India’s literacy rate rose to 81.1% in 2026 from 12% in 1947, while life expectancy increased to 71.03 years, Lahiri said.