'India needs 8-9% growth to become a developed nation by 2047'

New Delhi: India will need to sustain annual economic growth of 8-9% over the next two decades to achieve its ambition of becoming a developed nation by 2047, requiring continued reforms and policy interventions, statistics ministry secretary Saurabh Garg said on Friday.

India aims to become a $30 trillion economy by 2047, from its current size of around $4 trillion. The country's gross domestic product (GDP) grew 7.8% in the June quarter, exceeding expectations.

"We are the fastest-growing economy, and there is no reason we would not have the fastest growth in the foreseeable future," Garg said, adding that the next 20 years represent explosive growth for India.

Earlier this week, the International Monetary Fund (IMF) raised its growth forecast for India for FY27 to 7%, from 6.4% estimated in July, citing domestic demand and strong services activity. The World Bank also raised its projection to 7.1%, from 6.6%.

Speaking at the Shri Ram College of Commerce (SRCC) conclave on 'Pathways to Viksit Bharat', Garg said the government was exploring ways to incorporate three areas into economic measurement under the updated System of National Accounts (SNA) framework: data as an asset, depletion of natural resources and well-being.

Work on developing methodologies to measure these areas is expected to continue over the next two to three years, with the aim of making them ready for implementation by 2029-30, Garg said.

The SNA 2025, approved by the United Nations Statistical Commission, was adopted in March 2025. Countries are expected to adopt the framework from 2029-30.

Laveesh Bhandari, president and senior fellow at the Centre for Social and Economic Progress, said GDP was an essential measure of economic performance, but human progress extended far beyond it. Happiness, health, sustainability and quality of life also mattered in the pursuit of Viksit Bharat, he said.