8% Growth Rate Require

India's Chief Economic Adviser (CEA) V. Anantha Nageswaran stated that the Indian economy needs to sustain an 8% growth rate for at least two decades to become a developed economy by 2047. Speaking at a press conference on Friday, following the release of the Economic Survey for 2024-25, he attributed the slowdown in India's economic growth to unfavorable global conditions.

Nageswaran expressed optimism that if international conditions become favorable, India could stand alongside developed nations over the next 20 years. The Economic Survey estimates India's GDP growth for the upcoming financial year (2025-26) to be between 6.3% and 6.8%.

He added that if domestic exports pick up, the growth rate could increase by another 0.5% to 1%, potentially pushing GDP growth to 7.5%-8%.