India’s average annual GDP growth has been 6.1% for the last 15 years. The nearly $4-trillion developing economy wants to be a developed $55 trillion economy by 2047. India’s GDP has to grow at least 8% every year for the next 25 years to reach the desired goal of being a developed economy, according to former chief economic advisor KV Subramanian, who is now an Executive Director at the International Monetary Fund (IMF). Veteran banker Uday Kotak suggests five fundamental changes that India needs to grow at 8% every year sustainably.
