India needs 8 to 9% growth to become developed by 2047: Garg

Statistics Ministry secretary Saurabh Garg said on Friday (16 October 2026) that India must sustain annual economic growth of 8 to 9% over the next two decades to achieve its goal of becoming a developed nation by 2047. India aims to become a $30 trillion economy from its current size of around $4 trillion, he said. Garg spoke at the Shri Ram College of Commerce conclave on 'Pathways to Viksit Bharat'.

Garg expressed confidence in India's growth trajectory, noting GDP expanded 7.8% in the first quarter of FY2026-27. The International Monetary Fund raised its growth forecast for India for FY27 to 7%, and the World Bank raised its projection to 7.1%. Garg said the government was exploring ways to incorporate data as an asset, depletion of natural resources and well-being into economic measurement, with methodologies expected by 2029-30. He also flagged inflation as a concern but said government interventions had kept it within manageable limits.

On improving economic data, Garg said MoSPI is conducting new surveys, including one on cooperatives. He noted GDP remains the best available measure but needs to be complemented by other indicators, particularly for non-market activities like household work and care. The ministry has introduced double deflation methodology for manufacturing value addition. Laveesh Bhandari of CSEP said GDP is essential but human progress extends beyond it.