India would take 75 years to acquire economic growth like the US (Image: X @World Bank)

According to a recent report by the World Bank, India may take at least 75 years to acquire one-fourth of the US per capita income and has carried out a blueprint for developing countries to curb the middle-income plight.

As per the report, countries like India, China, South Africa, and Brazil will confront serious economic challenges in the coming years which may remain for several decades. World Bank included 100 developing countries in prospect that may struggle to achieve 1/4th of the developed countries’ income.

The World Bank Development Report stated that China would take 10 years to touch the US per capita income struggling to overcome the middle-income trap. Whereas India would take 75 years to acquire economic growth and Indonesia at least 70 years to achieve US per capita income.

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The report further finds that the developing countries are dragged into the trap at about 10 per cent of annual US GDP per individual to an equal amount of $80,000 as countries continue to flourish. This is considered the middle-income countries as stated by the World Bank report taking cue from the past 50 years of developing countries’ income.

The future of these countries seems tougher facing formidable consequences compared to the past financial obstacles. It will be linked with population, trade and geopolitical tension, increase in debt and the struggles to make economic growth without causing any environmental damage.

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The report calls attention to adopting new strategies and innovative policies to overcome the challenges to achieve economic progress in the coming years. Developing countries should not adhere to the old playbook, and have to think about new policies to curb the growing financial issues, these countries will not be able to keep pace in the race if they haven’t created a space to create a productive outcome in the near future, Chief Economist of the World Bank Group and Senior Vice President for Developing Economics Indermit Gill said.