India should aspire to become a high-income country by 2047 and this would need sustained economic growth year after year, NITI Aayog CEO Amitabh Kant said on Wednesday.
Kant further said that India will grow if the country can use the power of its private sector, "Our per capita income is approximately $2,000. India is a lower-middle-income country."
"Our aspiration should be to become a high-income country by 2047 and this would need sustained growth year after year," he said at an event in New Delhi.
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Kant pointed out that in 1947, per capita income of South Korea, China and India were more or less equal. "Seventy-five years later South Korea's per capita income is 7 times of India," he added.
Noting that China and South Korea recorded 10 percent growth year after year, Kant said, "If India won't grow at a higher rate then it will be caught in low income growth scenario." The NITI Aayog CEO lamented that bureaucrats have made it difficult for businesses to grow.
"We have build rules and regulations which have killed entrepreneurship," he said, adding that bureaucrats should learn the art of restructuring public-private partnership projects, de-risk projects and ensure more participation from the private sector.
