On April 23, ORF America hosted a team from the World Bank and senior officials of the Government of India to discuss pathways for India to become a high-income country within a generation. The participants highlighted the achievements over the past three decades starting with the economic reforms in 1991, the subsequent period of liberalization, fiscal consolidation and investment in physical and social infrastructure, and, more recently, digitalization.

This has set a good foundation for the next three decades for the country to grow rapidly while addressing the gaps in human development, employment and increases in productivity. To do that, India would need to increase its investment-to-GDP ratio to over 40%, increase the female labor force participation rate to over 50% by 2035, and invest heavily in digital infrastructure to sustain the momentum of the ongoing digital transformation. In spite of the adverse global scenario, the speakers emphasized the importance of reducing trade barriers and participate more actively in global value chains. The participants agreed that India stands to gain significantly in the current geopolitical and geoeconomic transition if it focuses on its strengths — fiscal and monetary stability, strong institutions and accelerated human development — over the next three decades.