The Indian economy expanded by more than 7% in the previous quarter, but according to an analysis by Bloomberg, this pace may prove insufficient to realise Prime Minister Narendra Modi’s target of transforming the country into a developed nation by 2047.

Modi aims for India to attain developed economy status by 2047, which marks the centenary of the country’s independence from Britain.

Ashok Lahiri, a representative of a state-backed think tank, argues that gross domestic product (GDP) must expand by approximately 9.25% annually over the next 21 years to achieve this objective.

The programme, titled “Viksit Bharat” or “Developed India”, has become one of the foremost priorities of Modi’s third term as prime minister.

However, some economists express doubt over whether India can reach this target at its current pace of expansion.

Historical growth rates lag behind targets

Economic growth averaged 6.3% between 2000 and 2024. This figure sits well below the country’s current potential rate of 7.5% to 8%.

The report noted that over the past 50 years, the Indian economy recorded growth of 9.25% or higher on only three occasions: in 1975, 1988, and 2021.

Should the Indian economy grow at a rate below 8% annually, it is assessed that the country could slip into what is known as the “middle-income trap”.

This concept describes an economic condition in which rising wages and costs erode the advantage of cheap labour, whilst worker productivity and skill levels have not yet risen enough to compete successfully with developed economies.

The report also noted that attaining high-income country status remains a distant prospect. As of 2025, per capita income in the country stands at $2,813.

For India to cross the high-income threshold by 2047, this figure must increase more than sixfold to reach approximately $18,000.

Targets missed across industry and investment

Economists state that the manufacturing industry must be expanded to accelerate India’s growth.

The Modi administration is also placing emphasis on this sector, yet its share of GDP has remained at roughly 16% to 17% for more than a decade. This proportion falls significantly short of the 25% target set by Modi.

Economists further emphasize that expanding high-tech exports, lifting private sector investment, and curbing reliance on energy imports could accelerate economic growth.

It is also noted that the country needs to draw more foreign investment into manufacturing. Despite record levels of foreign direct investment, India is reportedly struggling to retain this capital domestically.

Indian companies are progressively stepping up their investments abroad, whilst foreign investors are scaling back funding for local ventures.

A high domestic savings rate is likewise critical for India’s economic growth.

Savings allow the construction of factories and infrastructure to be financed without excessive reliance on costly borrowing and foreign capital. However, the capacity of Indian households to save remains constrained by relatively low income levels.

According to a 2021 report by NITI Aayog, approximately 87 million people in India aged between 15 and 29 are neither employed nor in education or vocational training.

Owing to a shortage of employment opportunities, roughly 60% of the working population is self-employed, with the bulk of this cohort engaged in the low-income agricultural sector.

Shumita Deveshwar, Chief Economist at GlobalDataTS Lombard, noted that without a rise in private sector investment and an acceleration in job creation, India will struggle to maintain GDP growth above 6%, let alone reach the pace of over 8% required to achieve developed economy status.

The country’s administration plans to undertake record borrowing of 17.2 trillion rupees (approximately $187 billion) during the fiscal year starting 1 April. This sum represents an 18% increase compared with the current year and surpasses Bloomberg’s previous forecast of 16.5 trillion rupees.

The government projects that the ratio of the fiscal deficit to GDP, which stands at 4.4% in the current period, will decline to 4.3% in the next fiscal year.

Russia and China are progressively narrowing the space gap with the US, according to an assessment by The Washington Post (WP). The newspaper reported that the technological superiority of the US in this domain is beginning to erode, noting that fresh advancements achieved by Moscow and Beijing could create risks for Washington.

The newspaper pointed to China’s recent progress as an example of this trend. In August, a Chinese aerospace company successfully landed a rocket’s first stage on Earth for the first time.

Previously, only US-based companies SpaceX and Blue Origin possessed this technology. The ability to reuse rocket stages significantly reduces launch costs.

The WP also drew attention to Russia’s Rassvet satellite system, which is planned to deliver internet connectivity from space.

The newspaper noted that this system could be utilised by the Russian military. According to the assessment in the report, the Rassvet system could provide Russia with capabilities comparable to those offered by SpaceX’s Starlink satellite network.

According to the newspaper, among the primary challenges facing the US are ageing launch pads and other space infrastructure. Modernising this infrastructure requires securing additional funding from the US Congress.

The WP further emphasised the necessity of streamlining commercial launch licensing procedures, which currently can take an extended period.

Observing that the US maintains its superiority for now thanks to a robust private space sector, the newspaper stated that Washington must increase launch frequency and invest in infrastructure renewals to preserve its leadership.

According to a May 2025 report by The Times, the US has begun sharing certain data on Russian and Chinese space operations with Britain and other members of the “Five Eyes” intelligence alliance.

This measure was taken in line with Washington’s concerns over Beijing’s advances in military space capabilities. In this context, allies were granted access to intelligence from Space Delta 9, the US Space Force unit that tracks Russian and Chinese satellites.

Russia and China, meanwhile, continue to pursue joint space projects. Russian President Vladimir Putin stated in April 2025 that Moscow and Beijing have “grand” and “magnificent” plans in this field.

In 2024, Russia ratified an agreement with China regarding the International Lunar Research Station, which is planned to be established on the lunar surface or in lunar orbit.

Former NASA Administrator Jim Bridenstine called on Russia, the US, and China in October 2025 to cooperate in space. Stating that the interests and activities of nations could intersect in space, Bridenstine said the parties could not operate alone.

Bridenstine also recalled that space cooperation between Moscow and Washington had commenced during the Cold War.

A massive mudslide and flash flood struck the Gyirong Port area along the China-Nepal border on Wednesday, leaving at least 160 people dead on both sides of the frontier and more than 1,000 others missing. Search operations have been extended across both sides of the border.

According to the latest official information released during a press conference held by the Shigatse municipal government on Thursday morning, three fatalities have been confirmed on the Chinese side, whilst 558 people remain missing.

Two individuals were rescued alive. Following the expansion of search operations, the number of missing persons was revised upwards from an earlier figure of 265.

Chinese authorities have dispatched more than 1,500 personnel to the region, including firefighters, military troops, and engineering teams. Vice Premier Zhang Guoqing has also arrived at the scene to direct operations.

According to state broadcaster CCTV, a landslide dam lake has formed near the border crossing, complicating rescue efforts.

Nepal Police reported late Wednesday that 157 bodies had been recovered.

According to the Office of the Prime Minister of Nepal, the 484 missing tourists include 391 foreign nationals from at least 26 countries. These comprise 142 citizens from India, 47 from the US, 34 from Australia, 33 from the UK, and 24 from Canada.

Nepal Tourism Board spokesperson Sunil Sharma told the Associated Press that 133 of the missing tourists were Indian pilgrims.

The disaster struck Gyirong County in the Tibetan city of Shigatse at around 10:30 on Wednesday and originated on the Nepalese side.

The region is situated along an important pilgrimage route leading to Tibet’s sacred Mount Kailash and Lake Manasarovar. Particularly during this peak period of the year, hundreds of pilgrims from India and other countries visit the area.

Initial assessments by Nepalese authorities indicated that an earthquake may have triggered a collapse in the lower section of a glacier, releasing the destructive floodwaters.