India may take 75 years to reach one-quarter of US income per capita: World Bank
New Delhi: More than 100 countries, including India, face serious obstacles in becoming high-income countries in the next few decades, and New Delhi may take nearly 75 years just to reach one-quarter of US income per capita, a World Bank report said.
It will take China more than 10 years to reach one-quarter of US income per capita and Indonesia nearly 70 years, according to the World Development Report 2024: The Middle Income Trap.
Drawing on lessons of the past 50 years, the report finds that as countries grow wealthier, they usually hit a "trap" at about 10 per cent of annual US GDP per person - the equivalent of USD 8,000 today. That's in the middle of the range of what the World Bank classifies as middle-income countries.
At the end of 2023, 108 countries were classified as middle-income, each with annual GDP per capita in the range of USD 1,136 to USD 13,845. These countries are home to six billion people - 75 per cent of the global population - and two out of every three people living in extreme poverty.
The road ahead has even stiffer challenges than those seen in the past: rapidly ageing populations and burgeoning debt, fierce geopolitical and trade frictions, and the growing difficulty of speeding up economic progress without fouling the environment, it said.
"Yet many middle-income countries still use a playbook from the last century, relying mainly on policies designed to expand investment. That is like driving a car just in first gear and trying to make it go faster," the report said.
If they stick with the old playbook, most developing countries will lose the race to create reasonably prosperous societies by the middle of this century, said Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics.
"At current trends, it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia nearly 70 years, and India 75 years," the report said.
Gill also said the battle for global economic prosperity will largely be won or lost in middle-income countries.
The report proposes a strategy for countries to reach high-income status. Depending on their stage of development, all countries need to adopt a sequenced and progressively more sophisticated mix of policies Since 1990, only 34 middle-income economies have managed to shift to high-income status - and more than a third of them were either beneficiaries of integration into the European Union, or of previously undiscovered oil, the World Bank said.
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Two injuries, one DNF, a DQ as India end messy World Relays campaign
Gaborone (Botswana) (PTI): Amoj Jacob and Ragul Kumar got injured during the men's 4x400m and 4x100 races respectively as India ended their World Athletics Relays campaign in disappointment on the second day of competitions here on Sunday.
The Indian camp had high hopes of making the 2027 World Championships in the men's 4x400m relay but the team did not finish (DNF) the race as Jacob suffered cramps and pulled out of the race after taking the baton from the first leg runner Dharamveer Choudhary. Rajesh Ramesh and Vishal TK were to run in the third and fourth legs.
Those teams which could not qualify for the 2027 Beijing World Championships by reaching the final round of each of the six relay events on Saturday were given another chance in the second qualification round on Sunday.
The top two teams in each of the two heats (in all six relay events) booked the Beijing ticket on Sunday.
India will now have to try and qualify for the World Championships through the Top Lists of the World Athletics, which is a long and tedious process.
In the men's 4x100m race, third leg runner Ragul Kumar fell down the track after failing to hand over the baton inside the exchange zone to fourth leg runner Gurindervir Singh, which clearly showed the lack of coordination among the runners.
Harsh Santosh Raut and Animesh Kujur ran the first two legs.
The Indian quartet was disqualified and Kumar was seen being taken away from the Field of Play with the help of the volunteers.
It was a comedy of errors in the case of the women's 4x100m race, which saw the baton being dropped during an exchange between first leg runner Tamanna and second runner Nithya Gandhe, though the Indians finished the race in 53.09 seconds.
Gandhe started running quite a distance, but after realising that the baton was not in her hand, she turned and ran back to pick it up.
The only silver-lining for the Indian contingent was the national record time in the mixed 4x100m relay race, though the quartet of Ragul Kumar, Nithya Gandhe, Animesh Kujur and Sneha SS finished sixth in heat number two with a time of 41.35 seconds, bettering the previous national mark of 42.30 seconds set in March in Chandigarh.
The mixed 4x400m relay quartet of Theerthesh P Shetty, Kumari Saloni, Nihal William and Rashdeep Kaur ended at fifth in heat number one with a time of 3 minutes and 19.40 seconds.
On Saturday, all the five Indian relay teams had failed to make it to the respective final rounds and thus missed out on the 2027 World Championships berths.
