World Development Report 2024: India must focus on inclusive growth to escape ‘middle-income trap’

India may be a lower-middle-income economy, but quality development of human resources, proper skilling of youth, and support for research and development can help India ensure a better life for its people The report released on August 1 suggests that at the current pace, China could take more than 10 years, Indonesia could take 70 years, and India could take as many as 75 years just to reach a quarter of the per capita income of the United States. The report released on August 1 suggests that at the current pace, China could take more than 10 years, Indonesia could take 70 years, and India could take as many as 75 years just to reach a quarter of the per capita income of the United States. The report suggests 108 middle-income countries possessing 75 per cent of the world’s population, generating 40 per cent of global GDP, and contributing to 60 per cent of global carbon emissions face several challenges, even more severe than their predecessors, in escaping the ‘middle-income trap’. Prescription for India Talking about India, a lower-middle-income economy with a per capita income of $ 2,390 in 2022, the suggestion to focus on the ‘2i’s of investments and infusion of technology is not enough.