India to take 75 years to reach just a quarter of US GDP: World Bank report

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India to take 75 years to reach just a quarter of US GDP: World Bank report - Business Standard

Quick Summary:

The report introduces a "3i strategy" for achieving high-income status, outlining the need for two distinct transitions during the middle-income phase.

India will take 75 years to reach a quarter of the United States' GDP at the current rate, according to the World Bank's latest "World Development Report 2024.

Additionally, in line with this dynamic, firms in India, Mexico, and Peru often remain microenterprises: nearly nine-tenths have fewer than five employees, and only a small fraction employ 10 or more.“The longevity of undersize firms—many of them informal—points to market distortions that keep enterprises small while keeping too many in business,” the report added.