WTO: India can become developed by 2047 with 8% GDP growth, structural reforms
GS3Economy · S&T · Environment · Security· Growth, inflation & macro indicators· Prelims + Mains·
Why in news
The WTO Trade Policy Review suggests India can achieve 'developed' status by 2047 through sustained 8% annual GDP growth and structural reforms.
Background
The WTO report identifies high trade costs, complex regulations, and infrastructure gaps as primary hurdles to India's growth. It emphasizes that reducing trade restrictions is essential for boosting competitiveness and attracting foreign investment.
Facts for Prelims
- BodyWTO: World Trade Organization, a global body that regulates and facilitates international trade.
- FactTarget growth rate: 8% annual GDP growth required to reach developed status by 2047.
- FactKey barriers identified: High trade costs, complex regulations, and infrastructure gaps.
For Mains
Q. Analyze the structural reforms and infrastructure developments required for India to achieve its goal of becoming a developed economy by 2047.
Dimensions to cover in your answer
- Regulatory friction: Complexity of compliance standards hindering ease of doing business for MSMEs
- Infrastructure deficit: Logistics costs in India remaining higher than global averages affecting export competitiveness
- Trade policy trade-offs: Balancing domestic protectionist interests with the need for global market integration
Keywords: Structural reforms · Market integration · Trade competitiveness · GDP growth trajectory · Regulatory simplification
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