World Bank's Chief Economist Indermit Gill emphasized the importance of data-driven policies for middle-income countries (MICs) such as India on Thursday. These policies, he stated, are crucial in their challenging path toward becoming high-income nations within the next three to four decades.
Gill pointed out that addressing deficits among mid-sized firms is a critical step in this transition. This achievement has only been accomplished by 31 countries from 1990 to 2021.
Indian Prime Minister Narendra Modi has set a goal for India to attain the status of a developed nation by 2047. This ambitious target aligns with Gill's emphasis on the role of data-driven policies in advancing economic development.
MICs are categorized into lower-middle-income economies, with a Gross National Income (GNI) per capita between $1,036 and $4,045, and upper-middle-income economies, with a GNI per capita between $4,046 and $12,535. These countries play a significant role in the global economy as they house 75% of the global population and 62% of its poor. Furthermore, they account for one-third of the worldwide GDP.
The advice from the World Bank's Chief Economist underscores the need for MICs like India to leverage data-driven policies to bridge economic gaps and advance towards their high-income aspirations.
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