New Delhi, June 23: India will need to sustain an annual economic growth rate of 7-8 per cent over the coming decades to achieve its vision of becoming a developed nation by 2047, according to S. Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM).

Speaking on India’s long-term development roadmap, the EAC-PM Chairman emphasized that consistent economic expansion, backed by reforms and investments, will be crucial for transforming the country into a developed economy by the centenary year of its independence.

He highlighted that strong growth alone would not be sufficient and must be accompanied by improvements in productivity, employment generation, infrastructure development, education, healthcare, and technological innovation. Continued expansion in manufacturing, services, and digital sectors will also play a critical role in driving economic progress.

According to the Chairman, India is well-positioned to capitalize on its demographic advantage, growing consumer market, and expanding global economic footprint. However, maintaining a high growth trajectory will require coordinated efforts from policymakers, businesses, and institutions.

He further noted that investment in human capital, innovation, and competitiveness will be essential to ensuring inclusive and sustainable development. Strengthening economic resilience and accelerating structural reforms will also help India navigate global uncertainties while pursuing its long-term aspirations.

The remarks come amid ongoing discussions on the Viksit Bharat@2047 vision, which seeks to transform India into a developed, prosperous, and globally competitive nation over the next two decades.

The statement underscores the importance of sustained economic momentum as India charts its path towards becoming one of the world’s leading economies by 2047.